Despite record-low unemployment and underemployment rates in 2024, economists warn of a potential increase in Filipinos seeking better jobs due to domestic and international uncertainties. Factors include the impeachment trial of Vice President Sara Duterte and US President Donald Trump's policies, as well as structural issues like the government's response to climate change and digital transformation.
Economists predict a potential rise in Filipinos seeking better job opportunities this year due to uncertainties stemming from domestic and international developments. These include the ongoing impeachment trial of Vice President Sara Duterte and the policies of US President Donald Trump. Despite the Philippine Statistics Authority (PSA) reporting the lowest unemployment and underemployment rates since 2005, at 3.8 percent and 11.9 percent, respectively, in 2024, concerns remain.
The PSA also revealed a rise in invisible underemployment to 2.5 million in 2024 from 2.2 million in 2023. Invisible underemployment refers to employed Filipinos seeking additional work hours to supplement their income. Economist Maria Ella Oplas of De La Salle University highlighted that the current political climate and global uncertainties could deter investors, leading to job losses. This, she warned, would force individuals into desperate situations, accepting any available employment opportunity, even if it's below their skill level.The need to increase household income is a pressing concern, particularly with high and persistent inflation. Oplas explained that prolonged inflation erodes purchasing power and compels households to seek supplementary income sources. She noted that high underemployment could indicate that previously inactive family members, including youth and retirees, are taking on side hustles to contribute to family finances. National Economic and Development Authority (Neda) Undersecretary for Planning and Policy Rosemarie G. Edillon echoed Oplas's concerns, stating that high prices have hindered economic growth last year. While 2024 saw improvement, Edillon believes expectations for a stronger rebound were higher. Economists like Leonardo Lanzona Jr. of Ateneo de Manila University attribute the increase in underemployment to structural issues such as the government's inadequate response to climate change and the failure to capitalize on opportunities presented by digital transformation. Lanzona emphasized the need for a comprehensive government strategy to address these issues and reconfigure local and global value chains.Ibon Foundation Inc. Executive Director Sonny Africa also predicts a rise in underemployment this year, citing structural issues and budget cuts as contributing factors. Africa acknowledged the negative impact of global uncertainties on Filipino job and income security, particularly due to high inflation and low earnings that necessitate Filipinos to seek additional income sources. He expressed pessimism about the situation improving in 2025 amidst budget cuts in agriculture, limited support for MSMEs and Filipino industries, and a challenging global environment
EMPLOYMENT UNDEREMPLOYMENT INFLATION PHILIPPINES POLITICS INVESTORS GLOBAL UNCERTAINTIES CLIMATE CHANGE DIGITAL TRANSFORMATION
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bossjob’s new AI tool helps recruiters, job seekers with resume issuesBossjob's new AI-powered tool aids in ensuring 'unbiased selection' for recruiters, and assists job seekers with strengthening their resumes
Read more »
Marcos Jr. Highlights Government's Commitment to Quality Jobs at Career ConPresident Ferdinand Marcos Jr. stressed the government's dedication to providing Filipinos with quality job opportunities through reskilling, upskilling, and stronger public-private partnerships. Speaking at a job fair in Pasay City, Marcos acknowledged the decreasing unemployment rate but emphasized the need for better job prospects with career growth potential. He underscored the importance of adapting to the evolving labor market by acquiring new skills or enhancing existing ones. The two-day career fair aims to connect job seekers with various industries and offers nearly 5,000 job vacancies.
Read more »
Oil Prices Rise on Tightening Supply and Strong US Job MarketOil prices increased on Wednesday fueled by tightening supplies from Russia and OPEC members, coupled with robust US job market data suggesting expanding economic activity and growing oil demand.
Read more »
South Korea's impeached president gets a pay riseSEOUL — Suspended South Korean President Yoon Suk Yeol will receive a scheduled pay rise, official documents showed on Monday, despite an impeachment trial and investigation into his ill-fated martial law declaration.
Read more »
Philippine President and Vice President Face Declining Trust Ratings Amid Inflation ConcernsPresident Ferdinand Marcos Jr. and Vice President Sara Duterte's trust ratings have dropped further in January, according to a recent Social Weather Stations (SWS) survey. The decline in trust stems from growing public frustration over the administration's handling of rising inflation. Public concerns over hunger and access to food remain high, especially as inflation is expected to accelerate further in 2025.
Read more »
Who Takes Over if Both the President and Vice President Resign?The Philippine Constitution outlines the process for filling vacancies in the presidency and vice presidency, including scenarios where both positions are simultaneously vacant.
Read more »