Jobless rate down to 7% as labor force hits 40M
MANILA, Philippines—The number of Filipinos without jobs settled at 2.814 million in 2011 when the labor force breached the 40-million mark, according to the Bureau of Labor and Employment Statistics (BLES).
BLES data show that with 40.005 million economically active Filipinos—those who are at least 15 years old and are available for work—the unemployment rate in 2011 averaged 7 percent, improving from 7.4 percent in the previous year.
The difference represents a decrease of 45,000 from the 2.859 million jobless in 2010. BLES attributed the improvement to the growth in job creation outpacing the growth in the labor force.
Job-generation grew faster in 2011 at 3.2 percent year-on-year with 1.156 million (exceeding the one-million target) added to the roster of the employed. In 2010, growth was pegged at 2.8 percent with 974,000 new jobs.
As for the unemployed, half, or 1.4 million, were aged 15-24 years. Also, three out of five of the jobless are men.
Compared to the national average, unemployment was higher in the National Capital Region (11.3 percent), Calabarzon (9.7 percent), and Central Luzon and Ilocandia (both at 8.5 percent).
According to the BLES, the growth in the size of the labor force went faster in 2011 with 1.1 million additions than in 2010 when one million joined.
“Correspondingly, the labor force participation rate (LFPR) was up to 64.6 percent from 64.1 percent” the previous year,” BLES said.
The LFPR takes into account the size of the labor force against the total number of working-age Filipinos or those 15 years and older.
In 2011, the working-age population was pegged at 61.88 million compared to 60.72 million in 2010.
