By Alec Go
The National Economic and Development Authority (NEDA) said Tuesday, April 11, that employment continues to improve in the Philippines following the release of the Philippine Statistics Authority’s (PSA) February 2023 Labor Force Survey.
Based on PSA data, the country’s employment rate was at 95.2% in February this year, which translates to 48.80 million employed individuals. The rate is similar to January’s figure this year, and is up from the 93.6% in February 2022.
Unemployment likewise improved year-on-year at 4.8% or about 2.47 million jobless Filipinos. The rate is the same from January 2023’s unemployment figures.
There was also an improvement in underemployment at 12.9% or 6.29 million individuals from January 2023’s 14.1% and February 2022’s 14.2%.
The labor force participation rate also rose to 66.6% in February 2023, up from 63.8% in February 2022.
In a statement, the NEDA said the government will continue to provide better labor conditions and high-quality jobs.
“The most recent data on the country’s workforce suggests that the Philippine labor market is steadily recovering,” NEDA Secretary Arsenio Balisacan said.
“The lifting of various restrictions that previously impeded employment opportunities has resulted in an increase in job prospects for Filipino workers,” he added.
The official said part of their strategy to create better jobs is to attract more investments, “especially in infrastructure and in improving the regulatory environment,” as well as workers’ skill enhancement.
“NEDA has recently published the Implementing Rules and Regulations of the amended Public Service Act. The next step is for the regulatory agencies to revise their regulatory processes accordingly,” he said. – gb
