THE PHILIPPINES’ unemployment rate eased to a three-year low of 5.4% in 2022, despite a slight uptick in December, the Philippine Statistics Authority (PSA) said on Wednesday. READ:
A worker makes Christmas decorations in a workshop in Barangay San Vicente, Angono, Rizal. The jobless rate improved to 4.3% in December, according to the Philippine Statistics Authority. — PHILIPPINE STAR/WALTER BOLLOZOS
The PSA said there were 2.22 million jobless Filipinos in December, up 43,000 from the 2.18 million unemployed in November.This brought the full-year jobless rate to 5.4%, which is the lowest since the 5.1% in 2019 or before the coronavirus pandemic, PSA Undersecretary and National Statistician Claire Dennis S. Mapa said during the briefing.
Job quality improved in December, as the underemployment rate fell to 12.6% from 14.4% in November and the 14.7% in December 2021. This translated to 6.197 million underemployed Filipinos or persons already working but still looking for more work or longer working hours. The employment rate dipped to 95.7% in December, from 95.8% in the previous month. This means 49 million Filipinos had jobs in December, about 704,000 less than in November.On average, an employed Filipino worked 40.3 hours a week in December, higher than the 39.3 hours logged the previous month and the 39.7 hours in the same month in 2021.ING Bank N.V. Manila Senior Economist Nicholas Antonio T.
“Employment losses were seen in manufacturing, wholesale and retail trade, and accommodation and food service activities. This came as a surprise as we anticipated higher demand in these sectors given the holiday season,” China Banking Corp. Chief Economist Domini S. Velasquez said in a report sent toManufacturing, which accounts for about 44.7% of the industry sector, shed more than half a million jobs month on month in December.
For ING Bank’s Mr. Mapa, manufacturing jobs may see gains as factor activity hit a seven-month high in January, citing the S&P Global Philippines’ latest Purchasing Managers’ Index report.
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