9-8-2023 (MANILA) The Philippines is grappling with a concerning rise in unemployment, accompanied by a decline in job quality, as reported by state statisticians on Wednesday.
In June, the number of unemployed Filipinos swelled to 2.33 million individuals, encompassing both those without jobs and those out of business. This figure marked an increase from the 2.17 million unemployed persons registered in May, as revealed by data from the Philippine Statistics Authority.
This shift resulted in a corresponding uptick in the unemployment rate, which climbed to 4.5% in June from the previous month’s rate of 4.3%.
Amid these challenging circumstances, a segment of the population managed to secure employment, albeit under conditions that compelled them to seek additional working hours in order to bolster their earnings. The data highlighted a surge in the number of underemployed Filipinos, reaching 5.87 million in June compared to 5.66 million in May.
This underemployment phenomenon was reflected in an underemployment rate of 12% for June, marking an increase from the preceding month’s rate of 11.7%.
Economists have weighed in, shedding light on the complex dynamics at play. Despite the nation’s economy reopening after enduring pandemic-induced lockdowns, the persistent impact of the health crisis has left deep scars on the labor market. The jobs being generated are characterized by their poor quality, failing to adequately remunerate workers during these trying times.
