Unemployment rate hits five-month high

The country’s jobless rate reached a five-month high in July, while more Filipinos were also underemployed during the month, according to the Philippine Statistics Authority (PSA).

The PSA’s latest Labor Force Survey revealed that the country’s unemployment rate was 4.8 percent in July, the highest since February when the same figure was recorded.

The latest jobless rate, however, improved from the 5.2 percent recorded in the same month last year.

In terms of the level, the number of unemployed individuals in July 2023 was estimated at 2.27 million.

Meanwhile, the number of underemployed individuals, or employed persons who expressed the desire to have additional hours of work in their present job or to have an additional, or to have a new job with longer hours of work, was registered at 7.1 million, translating to an underemployment rate of 15.9 percent. This is the highest in 1.5 years, or since November 2021.

“The entire government remains committed to improving the business climate in the country to attract more investments, which will lead to the creation of high-quality and high-paying jobs,” said NEDA Secretary Arsenio M. Balisacan.

“We will focus on expanding upskilling and retooling programs to improve the country’s labor market performance. These are critical to assisting members of the workforce, particularly those in vulnerable employment, to improve their employability and allowing them to move across industries and occupations,” he added.