Unemployment rises to 4.8 pct in Jan, 2.37-M jobless

ABS-CBN News

<figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=2495718' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div><p>MANILA<strong> (2nd UPDATE) </strong>- The Philippines' unemployment rate climbed to 4.8 percent in January this year from 4.3 percent in December last year, the state statistics bureau said on Thursday. </p><p>This was equivalent to 2.37 million Filipino workers who were jobless, the Philippine Statistics Authority said. This was also higher than the 4.5 percent or 2.24 million jobless reported in October 2022. </p><p>However, the PSA also noted that the jobless rate in January was lower than the 6.4 percent rate or 2.95 million unemployed in the same month in 2022.</p><p>“Pinakamalaki dito yung construction of buildings, bumaba quarter to quarter mga 415,000, pangalawa yung building finishing, electrical insulation,” National Statistician Dennis Mapa said. </p><p>He said the increase in the number of Filipinos or "new entrants" in the labor force also contributed to the higher unemployment rate.</p><p>Building materials are also seeing elevated inflation. Real estate development also tends to slow down when there is higher interest rates, as borrowing costs discourage property buyers who were planning to use loans for their purchases. </p><p>The Philippine Central Bank hiked benchmark interest rates by 50 basis points in February and has been raising rates since last year to fight inflation by curbing loan-driven demand. </p><p>Mapa said there is also a drop in transport jobs but the number is not that significant or about 9,000.</p><p>LINK: https://news.abs-cbn.com/business/02/08/23/unemployment-up-at-43-pct-in-dec-underemployment-eases</p><p>Underemployment, meanwhile, slightly improved to 6.65 million or 14.1 percent, lower than 14.2 percent in October 2022 and 14.9 percent in January last year, data showed. This was however also higher than the 12.6 percent underemployment rate seen in December last year.</p><p>The total number of employed persons in January reached 47.35 million, or 95.2 percent. </p><p>Labor force participation rebounded to 64.5 percent, equivalent to 49.7 million, data showed. </p><p>“The latest employment indicators show the robust recovery and growth of our labor market from its slump in January 2022, when the surge in omicron cases prompted stringent mobility and capacity restrictions,” NEDA Secretary Arsenio Balisacan said. </p><p>“However, we note that employment created year-on-year were mostly part-time and classified as vulnerable. Thus, it is imperative that labor market policies and programs that directly contribute to labor productivity and employment generation must be prioritized, not only to preserve jobs but also to generate quality jobs,” he added.</p><div class='media-content'><div class='slider-for'><div><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/03/09/labor1.jpg' ></div><div><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/03/09/labor2.jpg' ></div><div><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/03/09/labor3.jpg' ></div><div><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/03/09/labor4.jpg' ></div></div><div class='media-content slider-desc'><div class='item-desc'><p>PH unemployment hit 4.8 percent in January 2023. <cite>PSA</cite></p></div><div class='item-desc'><p>PH unemployment hit 4.8 percent in January 2023. <cite>PSA</cite></p></div><div class='item-desc'><p>PH unemployment hit 4.8 percent in January 2023. <cite>PSA</cite></p></div><div class='item-desc'><p>PH unemployment hit 4.8 percent in January 2023. <cite>PSA</cite></p></div></div></div><p>Balisacan said the government would prioritize upskilling and reskilling the workforce to increase competencies and expand opportunities.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/01/26/22/jobstreet-reveals-jobs-with-highest-pay-deepest-pay-cuts'>Jobstreet shares highest-paid jobs, specializations with pay cuts in 2021</a></li>	<li><a href='https://news.abs-cbn.com/business/03/01/23/ayaw-sa-toxic-study-says-jobseekers-want-work-life-balance'>Ayaw sa toxic: Study says jobseekers want work-life balance</a></li></ul><p><strong>-- with a report from Warren De Guzman, ABS-CBN News  </strong></p><p><strong>RELATED VIDEO:</strong></p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=1650405' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

<p>However, the PSA also noted that the jobless rate in January was lower than the 6.4 percent rate or 2.95 million unemployed in the same month in 2022.</p><p>“Pinakamalaki dito yung construction of buildings, bumaba quarter to quarter mga 415,000, pangalawa yung building finishing, electrical insulation,” National Statistician Dennis Mapa said. </p><p>He said the increase in the number of Filipinos or "new entrants" in the labor force also contributed to the higher unemployment rate.</p><p>Building materials are also seeing elevated inflation. Real estate development also tends to slow down when there is higher interest rates, as borrowing costs discourage property buyers who were planning to use loans for their purchases. </p><p>The Philippine Central Bank hiked benchmark interest rates by 50 basis points in February and has been raising rates since last year to fight inflation by curbing loan-driven demand. </p><p>Mapa said there is also a drop in transport jobs but the number is not that significant or about 9,000.</p><p>LINK: https://news.abs-cbn.com/business/02/08/23/unemployment-up-at-43-pct-in-dec-underemployment-eases</p><p>Underemployment, meanwhile, slightly improved to 6.65 million or 14.1 percent, lower than 14.2 percent in October 2022 and 14.9 percent in January last year, data showed. This was however also higher than the 12.6 percent underemployment rate seen in December last year.</p><p>The total number of employed persons in January reached 47.35 million, or 95.2 percent. </p><p>Labor force participation rebounded to 64.5 percent, equivalent to 49.7 million, data showed. </p><p>“The latest employment indicators show the robust recovery and growth of our labor market from its slump in January 2022, when the surge in omicron cases prompted stringent mobility and capacity restrictions,” NEDA Secretary Arsenio Balisacan said. </p><p>“However, we note that employment created year-on-year were mostly part-time and classified as vulnerable. Thus, it is imperative that labor market policies and programs that directly contribute to labor productivity and employment generation must be prioritized, not only to preserve jobs but also to generate quality jobs,” he added.</p><div class='media-content'><div class='slider-for'><div><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/03/09/labor1.jpg' ></div><div><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/03/09/labor2.jpg' ></div><div><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/03/09/labor3.jpg' ></div><div><img src='https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/03/09/labor4.jpg' ></div></div><div class='media-content slider-desc'><div class='item-desc'><p>PH unemployment hit 4.8 percent in January 2023. <cite>PSA</cite></p></div><div class='item-desc'><p>PH unemployment hit 4.8 percent in January 2023. <cite>PSA</cite></p></div><div class='item-desc'><p>PH unemployment hit 4.8 percent in January 2023. <cite>PSA</cite></p></div><div class='item-desc'><p>PH unemployment hit 4.8 percent in January 2023. <cite>PSA</cite></p></div></div></div><p>Balisacan said the government would prioritize upskilling and reskilling the workforce to increase competencies and expand opportunities.</p><ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/01/26/22/jobstreet-reveals-jobs-with-highest-pay-deepest-pay-cuts'>Jobstreet shares highest-paid jobs, specializations with pay cuts in 2021</a></li>	<li><a href='https://news.abs-cbn.com/business/03/01/23/ayaw-sa-toxic-study-says-jobseekers-want-work-life-balance'>Ayaw sa toxic: Study says jobseekers want work-life balance</a></li></ul><p><strong>-- with a report from Warren De Guzman, ABS-CBN News  </strong></p><p><strong>RELATED VIDEO:</strong></p><figure class='op-interactive'><iframe allow='autoplay; fullscreen' frameborder='0' height='100%' id='ivsplayer01' scrolling='no' src='https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&key=e8c22c015ca9eafa76f1e3edfa03c603&spid=3001339&vid=1650405' width='100%'></iframe></figure><div class='iwantbar'>Watch more News on <a href='https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news' target='_blank'>iWantTFC</a></div>

<p>MANILA<strong> (2nd UPDATE) </strong>- The Philippines' unemployment rate climbed to 4.8 percent in January this year from 4.3 percent in December last year, the state statistics bureau said on Thursday. </p><p>This was equivalent to 2.37 million Filipino workers who were jobless, the Philippine Statistics Authority said. This was also higher than the 4.5 percent or 2.24 million jobless reported in October 2022. </p>

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The Philippines' unemployment rate climbed to 4.8 percent in January this year from 4.3 percent in December last year, the state statistics bureau said on Thursday. 

Unemployment rises to 4.8 pct in Jan, 2.37-M jobless | ABS-CBN News

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Unemployment rises to 4.8 pct in Jan, 2.37-M jobless

Unemployment rises to 4.8 pct in Jan, 2.37-M jobless