PH employment rate improves, jobless rate decreases by 5.7%
The Philippine employment rate has improved, seeing it went down by 5.7 percent as per the Philippine Statistics Authority.
Unemployment rate in PH goes down to 5.7% in 2017.
In a media release by the National Economic and Development Authority (NEDA), this decrease by 5.7% from the previous 6.1% in April 2016 in the unemployment rate was based on the April 2017 Labor Force Survey of the Philippine Statistics Authority.
Aside from the unemployment rate, the underemployment rate (defined by NEDA as “proportion of employed persons wanting additional work”) reached its lowest at a 16.1% rate in April 2017.
Infographic of the Labor Force participation rates. /IMAGE NEDA
Apart from these figures, NEDA also noted the increase in employment in the following sectors: agriculture with net employment gains of 125,000 workers and manufacturing with employment gains of 55,000 workers.
As per NEDA, this decrease in unemployment rate must be sustained together with higher job creation to further reduce the rate to 3% by 2022. According to them, “sustaining employment figures, while improving related services, is crucial to meeting the government’s key targets in the Philippine Development Plan 2017-2022.
Source: neda.gov.ph
Infographic by neda.gov.ph
