The Philippines’ unemployment rate fell to a two-year low in January as the size of the workforce shrank due to stricter mobility curbs in the capital region, the government said. READ:
ByThe Philippines’ unemployment rate fell to a two-year low in January as the size of the workforce shrank due to stricter mobility curbs in the capital region, the government said.
“However, due to the Omicron surge in January, the labor force participation rate fell from 65.1% to 60.5%,” the National Economic and Development Authority said in a statement. “Another reason for lower employment levels is the end of the holiday season which sheds off seasonal jobs. Despite this, net employment remains at 0.5 million above the pre-pandemic level.”
With the lower level of labor force that month, the employment rate — the share of the employed to the total working force — increased to 93.6%, higher than December’s 93.4% and January’s 91.2%. This was equivalent to 6.397 million underemployed Filipinos, down by 414,000 from December’s 6.811 million.
“There is also seasonality with lesser people being employed, particularly in agriculture, after the planting and certain harvest months,” he said. “However, the geopolitical risks of late may have to delay the return to pre-pandemic employment because of the downside risk of rising inflation and dampened business projects,” he said.
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