LABOR REPORT | Higher unemployment rate recorded at 4.5% in January

LABOR REPORT | Higher unemployment rate recorded at 4.5% in January – PSA

March 8, 2024 , 03:14 PM

By Beatrice Puente

(March 8, 2024) – More Filipinos were out of work at the start of the year, as the unemployment rate increased from 3.1% in December to 4.5% in January, the Philippine Statistics Authority (PSA) said on Friday, prompting the government to reiterate its vow to improve the quality of available jobs.

In its Labor Force Survey for January 2024, the PSA said there were 2.15 million unemployed individuals.

It also turned out that more people are looking for additional working hours. From 6.01 million in December, the figure rose to 6.39 million in January.

“The country’s underemployment rate in January 2024 was recorded at 13.9 percent, lower than the recorded rate in January 2023 at 14.1 percent, but higher than the October 2023 (figure) at 11.7 percent,” added the PSA.

Meanwhile, the employment rate was 95.5%, translating to 45.94 million workers.

“In terms of levels, the number of employed persons in January 2024 was posted at 45.94 million, lower than the number of employed persons in the same month last year at 47.35 million. In October 2023, the number of employed persons was estimated at 47.80 million,” said the PSA.

Overall, the country’s labor force participation rate or the proportion of people at least 15 years old who are working or actively looking for work stood at 61.1%.

Once again, the services sector had the largest share in the total number of employed individuals at 60.2%. Agriculture had 21.4% while the industry sector recorded 18.4%.

In response to the latest report, the National Economic and Development Authority (NEDA) said the administration of President Bongbong Marcos Jr. will continue pushing for the creation of a “favorable business environment” to generate more investments from local and foreign sources.

“At the same time, linkages between industry, the academe, and the public sector will be strengthened to address skill mismatches in the labor market,” said NEDA secretary Arsenio Balisacan.

He claimed that the government also looks into the needs of vulnerable sectors.

Moreover, he recognized the more limited participation of women in the labor force from 53.7% in January 2023 to 49.3% in January 2024. It also appeared from the PSA data that household duties, age restrictions, and schooling are among the top reasons why people do not join the labor force.

“Our pursuit of policies will be adaptive to the responsibilities of female workers and the evolving work landscape, with a focus on supporting the vulnerable, including those in the creative sector,” added Balisacan.

He also expressed optimism that the recent approval of the implementing rules and regulations of the Trabaho Para sa Bayan Act will trigger “more positive and transformative employment programs.”

“The diverse perspectives from council members will expedite decision-making regarding improving working conditions across industries, promoting upskilling and reskilling, and creating high-paying employment opportunities for all,” said Balisacan.

(PM)

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