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Philippines Jobless Rate Steady

Philippines Jobless Rate SteadyPhilippines Jobless Rate Steady

Philippines’ unemployment rate in July hits 6.5%, the Philippine Statistics Authority said on Wednesday.

This year’s figure for July is lower than the 6.7% reported in July last year, but higher than the 6.4% unemployment rate in April 2015, ABS-CBN News reported.

The July and April figures exclude Leyte province, which was battered by Super Typhoon Yolanda (Haiyan) in late 2013, to make them comparable with year-ago figures.

There were 39.2 million employed in the Philippines as of July, steady compared with the April figure reported earlier.

The labor force participation rate was estimated at 63%, down from 64.4% a year ago. Part-time jobs are in demand in the Philippines.

There were 8.22 million underemployed in July versus 6.98 million in April, with an underemployment rate of 20.8%.

About 50% of the underemployed worked for less than 40 hours a week. Most of the underemployed worked in the services and agriculture sectors.

Of the estimated 39.2 million people employed in July, more than half were in the services sector, nearly 30% in agriculture and the rest were in industry.

Manila is targeting a gross domestic product growth of 7-8% this year, but Economic Planning Secretary Arsenio Balisacan has said a more realistic goal would be between 6-6.5%, citing risks from El Nino weather pattern and sluggish exports.

 

Financialtribune.com