PH Jobless rate down to 6.4% in January
The number of unemployed Filipinos decreased by 6.4% to 2.93 million last January even as mobility restrictions were strengthened due to the COVID-19 Omicron variant.
The Philippine Statistics Authority (PSA) reported that this is the country’s lowest unemployment rate since the first quarter of 2020.
National Statistician Claire Dennis Mapa revealed that this latest figure records a 1.04 million decrease from the 3.96 million reported during the same period last year.
Mapa explained that the lower unemployment rate can be ascribed to a lower labor force participation rate of 60.5% which was a result of heighted restrictions at the start of the year.
Meanwhile, the country’s employment rate increased to 93.6%, resulting in 43.02 million people employed, up from 41.25 million in January 2021.
Moreover, about 6.40 million people reportedly sought extra hours at their current job, or are looking for a second job or a new career with longer hours during January.
Maps stated that this translates to 14.9% underemployment rate in the country, down from 16% a year ago.
The National Economic and Development Authority (NEDA) added that the net employment in the country is still 0.5 million more than pre-pandemic levels.
