Unemployment rate down in Oct but job quality worsened

INQUIRER FILE PHOTO

The number of unemployed Filipinos stood at 1.97 million in October, translating to a jobless rate of 3.9 percent, the Philippine Statistics Authority (PSA) reported on Friday.

This is lower than the 4.7% rate back in July, when 2.38 million individuals were unemployed last quarter.

But 6.08 million people sought additional working hours and jobs to augment their income in October, equivalent to an underemployment rate of 12.6 percent.

This was higher than the 12.1 percent rate recorded in July, indicating a deterioration in job quality.

Underemployment is typically used as an indication of job quality. A lower number means fewer people have to look for additional jobs or work hours because their present work already provides enough security and pay.

“The latest survey results show positive employment outcomes, with notable progress in reducing unemployment. Full-year headline figures reflect sustained improvement but underscore the need to intensify efforts to create more and better-quality jobs to meet the target set in the Philippine Development Plan (PDP) by 2028,” said Neda Secretary Arsenio Balisacan.