JOBLESS FIGURE | Unemployment rate eases to 4.5% in October, says PSA

December 7, 2022 , 01:14 PM

By Beatrice Puente

(December 7, 2022) – Around 2.24 million Filipinos were unemployed in October, the Philippine Statistics Authority (PSA) said on Wednesday, indicating a slight ease as the joblessness figure went down to 4.5%.

In its report, the PSA noted that the current unemployment rate improved from the figure seen last year when around 3.5 million people had no jobs. It’s also slightly lower than the 2.5 million tallied in September.

With this, the country’s employment rate reached 95.5% in October, increasing by 0.5 percentage points from the previous month. But the actual figure decreased from 47.58 million in September to 47.11 million in October because of the lower number of people who are part of the labor force.

“The estimated employment rate this October 2022 was the highest rate recorded since January 2020 and registered to have bounced back to pre-pandemic levels,” said the PSA in its report.

In October, the labor force participation rate was pegged at 49.35 million. It decreased by as much as 732,000 from the figure in September, according to the PSA. Individuals aged at least 15 years old, who are either employed or actively looking for work, are counted in measuring the country’s total labor force.

Underemployment, on the other hand, was estimated to be around 6.67 million, translating to 14.2%. It was much lower than the 7.33 million persons who were looking for additional work hours back in September. However, the current underemployment tally was higher than the 6.54 million seen last July.

In its media release, the Malacañang touted the recent labor report as an indication of an improved employment rate under the administration of President Bongbong Marcos Jr.

Sen. Grace Poe described this as “encouraging news” as more public and private enterprises try to bounce back from the difficulties brought on by the COVID-19 crisis.

“We are headed in the right direction but we need to remain vigilant. Global growth is expected to slow down next year and it will impact on our exports and job prospects for our overseas workers,” said Poe, hoping that the national budget can help “stave off the threats” next year.

The latest labor report came a day after state statisticians reported a 14-year-high inflation of 8.0%. With this figure, several labor organizations based in Metro Manila are pushing for another wage increase pegged at P100 to restore the value of their salary.

IBON Foundation, an independent think tank, said the family living wage was already at P1,140 per day—double the amount received by minimum wage workers in Metro Manila. In its computation, a family of five needs almost P25,000 monthly for them to live decently.

“Soaring inflation is pushing up the cost of living. This makes a substantial wage increase, ample cash assistance, and subsidies for poor and vulnerable sectors all the more urgent,” said IBON Foundation.

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