Employment rate jumped to 95.2% in January
MANILA, PHILIPPINES — The country’s employment rate reached 95.2% in January 2023, recording an increase from 93.6% in January 2022.
According to the latest data from the Philippine Statistics Authority (PSA), about 4.09 million new employees were added in January, resulting in an overall count of 47.35 million nationwide.
The labor force participation rate (LFPR) also increased to 64.5% — equivalent to 49.72 million Filipinos in the labor force — from 60.5% last January 2022.
Meanwhile, the underemployment rate dropped to 14.1%, translating to 6.65 million people. The unemployment rate was estimated at 4.8%, equivalent to 2.37 million unemployed Filipinos.
PSA Undersecretary Claire Dennis Mapa said the country’s job market has improved and has gotten back to the pre-pandemic level since the middle of 2022.
“The latest employment indicators show the robust recovery and growth of our labor market from its slump in January 2022 when the surge in Omicron cases prompted stringent mobility and capacity restrictions,” said Mapa.
Meanwhile, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan noted that the “latest employment indicators show the robust recovery and growth of our labor market” from its slump last year.
Balisacan added that the country should generate more higher-quality jobs to continue the improving trend in the job market.