Unemployment eases, but underemployment increases
Employment data from the Philippine Statistics Authority (PSA) for the month of July showed that unemployment in the country dropped to 5.4% compared to 5.6% a year ago, although the quality of the jobs available was eroding. The PSA’s Labor Force Survey discovered that the underemployment rate – the proportion of those already working, but still looking for more work – rose to 17.2% in July from 16.3% a year earlier. The number of unemployed Filipinos hit 2.323 million during the period, down from 2.373 million in July 2017. In contrast, underemployed Filipinos are now at 7.005 million, from 6.541 million a year ago. The size of the country’s labor force is approximately 43 million or 60.1% of the total population of Filipinos that are 15 years and older. Services, which include outsourcing, and industry saw their share of employment go up to 57.5% and 19.4%, from 55.6% and 19.2% last year, respectively.
