NATIONAL
Advocates Philippines
Unemployment Rate in December 2022 Estimated at 4.3 Percent
MANILA, PHILIPPINES - The Philippines’ unemployment rate has seen a significant improvement in 2022, reaching a three-year low of 5.4%. Despite a slight increase in December, the numbers are still positive and show that the economy is recovering from the impacts of the global pandemic.
According to the Philippine Statistics Authority (PSA), preliminary results indicate that the unemployment rate stood at 4.3% in December, slightly higher than November’s 4.2% but much lower than the 6.6% seen in December 2021. This improvement is a sign that the job market is gaining momentum and more people are finding employment.
The PSA credits the improvement to the government’s efforts to create job opportunities and provide support to businesses affected by the pandemic. It added that the recent roll-out of the vaccine has also played a role in boosting confidence in the economy and encouraging growth in various industries.
The service sector was the largest contributor to the improvement, with the majority of new jobs created in the wholesale and retail trade, as well as the information and communication industries. Agriculture and industry sectors also saw slight increases in employment, but the construction sector remained relatively stable.
Despite the positive news, the PSA warns that the situation remains fluid and that there are still many challenges that need to be addressed. The government is also encouraged to continue its efforts to create job opportunities and provide support to businesses, particularly in the small and medium-sized enterprise sector.
According to the Philippine Statistics Authority (PSA), preliminary results indicate that the unemployment rate stood at 4.3% in December, slightly higher than November’s 4.2% but much lower than the 6.6% seen in December 2021. This improvement is a sign that the job market is gaining momentum and more people are finding employment.
The PSA credits the improvement to the government’s efforts to create job opportunities and provide support to businesses affected by the pandemic. It added that the recent roll-out of the vaccine has also played a role in boosting confidence in the economy and encouraging growth in various industries.
The service sector was the largest contributor to the improvement, with the majority of new jobs created in the wholesale and retail trade, as well as the information and communication industries. Agriculture and industry sectors also saw slight increases in employment, but the construction sector remained relatively stable.
Despite the positive news, the PSA warns that the situation remains fluid and that there are still many challenges that need to be addressed. The government is also encouraged to continue its efforts to create job opportunities and provide support to businesses, particularly in the small and medium-sized enterprise sector.
Feb 9, 2023
