Jobless Filipinos hit 2.99M in June

·3 min read
Jobless Filipinos hit 2.99M in June

THE number of jobless Filipinos rose in June from the previous month but decreased from the same month last year, the Philippine Statistics Authority (PSA) reported Monday.

Preliminary data showed that there were 2.99 million unemployed Filipinos during the month, 62,000 higher than the 2.93 million unemployed in May, and 781,000 lower than the 3.77 million unemployed recorded in the same month last year. The latest figure translated to an unemployment rate of six percent, unchanged from May. But it’s lower than the 7.7 percent registered rate in June 2021.

Month-on-month, the biggest drops were seen in wholesale and retail trade which fell by 1.22 million employees to 9.72 million, followed by manufacturing which decreased by 101,000 employees to 3.65 million, and accommodation and food services which also decreased by 91,000 to 1.67 million. These were followed by transportation and storage which decreased by 90,000 employees to 3.13 million, and financial and insurance activities which also dipped by 55,000 employees to 522,000.

This comes as the labor force—individuals with and without jobs aged 15 and above—increased to 49.58 million in June, equivalent to a labor force participation rate of 64.8 percent.

Employed Filipinos in June stood at 46.59 million or 508,000 higher than the 46.08 million employed in May, and 1.52 million higher than the 45.08 million employed in June 2021. The employment rate was also unchanged at 94 percent from May, but increased from 92.3 percent the same month last year.

Underemployed individuals— those who express the desire to have additional hours of work or to have a new job with more working hours—for the month fell to 5.89 million or an underemployment rate of 12.6 percent. This is 780,000 lower than the 6.67 million underemployed Filipinos in May with an underemployment rate of 14.5 percent, and 522,000 lower than the 6.41 million underemployed in June 2021 with a rate of 14.2 percent.

The National Economic and Development Authority (Neda) said the country needs a safe and full reopening of the economy to return to a high-growth path and reinvigorate job creation.

“In the near term, we will prioritize the immediate issues of rising inflation, the vulnerability of certain groups to shocks, and the pandemic-induced scarring to ensure that growth and employment gains are sustained,” Neda Secretary Arsenio Balisacan said in a statement.

He added that the reopening of the economy, including the resumption of face-to-face schooling, will boost domestic activities and insulate the economy against external headwinds.

“The latest data show a significant increase in the number of workers employed on a full-time basis. While this is a good indication of the improving quality of work in our country, the government should incessantly boost its efforts towards providing an environment conducive to the creation of more and better employment opportunities,” Balisacan said.