By Alec Go
The country’s unemployment rate dropped to 4.4% in August 2023 from 5.3% for the same period last year and from last month’s 4.8%, the Philippine Statistics Authority (PSA) reported.
This means 2.21 million Filipinos were jobless in August.
Employment also improved at 95.6% or 48.07 million employed individuals from last year’s 47.87 million.
Underemployment was also posted at 11.7% or 5.63 million workers who want longer working hours or additional job.
The PSA report said the Labor Force Participation Rate (LFPR) in August 2023 was at 64.7%, lower than the 66.1% in August 2022 but higher than July 2023’s 60.1%.
In a statement, the Presidential Communications Office (PCO) said the “administration is resolutely dedicated to providing high-quality, well-paying job opportunities for the Filipino workforce.”
“The President also signed the Trabaho Para sa Bayan Act to enhance employability. Moreover, the Senate’s approval of the Public-Private Partnership (PPP) Act and the launch of the National Innovation Agenda and Strategy Document (NIASD) for 2023-2032 are expected to create more opportunities,” it stated.
“By focusing on these key initiatives, the government aims to propel the nation toward a more resilient and prosperous future, ensuring that the Filipino workforce not only survives but thrives in an evolving job market,” it added. –cf
