A total of 2.99 million Filipinos were jobless in June as unemployment remained steady at 6 percent compared to May, data from the state statistics bureau said Monday.
In May, there were 2.93 million jobless as unemployment hit 6 percent. June’s total is also lower than the unemployment in the same month in 2021, which was at 7.7 percent, equivalent to 3.77 million.
Meanwhile, underemployment, or workers who seek more jobs or work hours, settled at 12.6 percent in June, equivalent to 5.89 million.
June’s underemployment rate is an improvement compared to May’s 14.5 percent or 6.67 million and June 2021’s 14.2 percent with 6.41 million, the PSA said.
Employment rate for June 2022 was at 94 percent, equivalent to 46.59 million, the Philippine Statistics Authority said in a briefing.
The employment rate is similar to May’s 94 percent, and higher than the 92.3 percent or 45.08 million in June 2021, data showed. Employed individuals in June 2022 are higher by 508,000 compared to May.
The labor force participation, or those part of the labor market, is at 64.8 percent in June, or equivalent to 49.58 million. This is higher than May’s 64 percent or 49.01 million.
Despite the slight jobs decline in select sectors, improvement in employment and labor force participation, as well as the lower decline in select industries, signal the reinvigoration of the economy, National Statistician Dennis Mapa said.
According to data, more workers said they’re working for more than 40 hours a week.
“Bumalik na ang sigla ng economy based on the number….May mga sector na gumana ang activity, yung wholesale at retail trade. Yung mga mall nagbubukas,” Mapa said.
(The economy is reinvigorated based on the numbers… There are sectors with improved activity like wholesale and retail trade since the malls are reopening.)
“What we’re seeing is that the opening of the economy natin, tumataas ang labor force participation rate, tumataas and employment, the trend is that unemployment rate in the last 6 months is going down.”
(Our labor force participation rate is higher, employment is higher, the decline in unemployment rate is consistent in the last 6 months)
Analysts and businesses are betting on continued economic recovery for further job generation.
