The Philippine Statistics Authority (PSA) released a report yesterday showing that although the number of unemployed Filipinos increased in February compared to the prior month, the quality of employment that was available improved.
National Statistician Dennis Mapa stated in a press briefing that according to preliminary findings from the PSA’s Labor Force Survey, there were 2.47 million more unemployed people in February than there were in January.
Despite an increase in the number of unemployed people, the unemployment rate remained constant from January to February at 4.8%. However, there are fewer Filipinos without jobs in February than there were in the same month a year ago (3.13 million).
At the same time, job quality increased as the number of underemployed people or people looking for more hours of work decreased to 6.29 million in February from 6.65 million in January and 6.38 million in February of last year.
With a decrease from 14.1 percent in January and 14 percent in February of previous year, this equates to an underemployment rate of 12.9% in February.
Manufacturing (-319,000), administrative and support service activities (-177,000), information and communication (-79,000), real estate activities (-77,000), transportation and storage (-73,000), and manufacturing are the industries with the highest decrease in employment in February compared to January, according to Mapa.
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From 47.35 million in January and 45.48 million in February of last year, the number of Filipinos in employment increased to 48.80 million in February.
Although it increased from 93.6 percent in February of last year, the employment rate in February of this year stayed at 95.2% compared to the previous month.
Agriculture and forestry (997,000), construction (277,000), fishing and aquaculture (246,000), wholesale and retail trade, repair of moor vehicles and motorcycles (219,000), public administration and defense, and mandatory social security (213,000) are the industries with the largest increase in employment in February compared to January.
Wholesale and retail trade, repair of motor vehicles and motorcycles (701,000), lodging and food service activities (580,000), agriculture and forestry (554,000), other service activities (362,000), and fishing and aquaculture (340,000) had the highest year-over-year increases in the number of employed people in February.
The country’s labor force participation rate increased from 64.5 percent in January to 66.6 percent in February, up from 63.8 percent in February 2022.
The newest workforce statistics, according to National Economic and Development Authority Secretary Arsenio Balisacan, demonstrate that the Philippine labor market is gradually improving.
