The Philippines’ employment rate has posted an increase to 48.8 million in February 2023, which is 3.32 million higher than the 45.48 million employed persons reported in February of the previous year, according to the Philippine Statistics Authority (PSA).
In a report released on Tuesday, the PSA also revealed that the country’s unemployment rate decreased from 6.4 percent in February 2022 to 4.8 percent this year.
With this, the National Economic and Development Authority (NEDA) has vowed to remain committed in enhancing the country’s labor conditions and promoting the creation of high-quality jobs.
“The most recent data on the country’s workforce suggests that the Philippine labor market is steadily recovering. The lifting of various restrictions that previously impeded employment opportunities has resulted in an increase in job prospects for Filipino workers,” said NEDA Secretary Arsenio Balisacan in a statement.
Further, the unemployment rate among the youth, defined as individuals aged 15 to 24, decreased significantly from 14.2 percent in February 2022 to 9.1 percent this year.
Meanwhile, the country’s labor force participation rate rose to 66.6 percent in February 2023, up from 63.8 percent during the same period in the previous year.
Balisacan said the government will boost its efforts to raise awareness among the workforce regarding the current opportunities for skill enhancement.
Currently, the Technical Education and Skills Development Authority provides micro-credentialing, ladderized programs, and three-year diploma courses, while the Department of Information and Communications Technology has partnered with several IT and Business Process Management companies to enhance the competencies of the workforce in accordance with industry needs.
