Based on the obtained data from the Philippine Statistics Authority, the employment rate in the Philippines rise to 94.9 percent, composed of 42.4 million Filipinos.
This year’s unemployment and underemployment rate declined to 5.1 and 14.0 percent, lowest rates in 14 years.
Moreover, the employment rate of the country in 2018 was 94.7 percent which was consist of 41.2 million Filipinos. The increased employment rate in the Philippines in 2019 was attributed by the 1.3 million jobs that were generated this year.
The generated job for 2019 exceeded government’s annual target of 900,000- 1.1 M.
The unemployment rate in 2018 was 5.3 percent and annual underemployment rate was 16.4 percent.
Further, the workers under the service sector (58%) attained the largest employment followed by agriculture sector (22.9%), and lastly, the industry sector (19.1%).
Under the service sector, the wholesale and retail trade; repair of motor vehicles and motorcycles accounted the largest proportion (19.9%).
Respectively, the elementary occupations has the largest employment among the occupation group recorded with 26.7 percent of the total employed in 2019.
“These improvements to the economy’s growth momentum,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in the report of Business World.
He emphasized that the promising economic growth significantly influences the economy’s labor market challenges.
“However, there is so much to be done. This year, the clear challenge was execution on the part of the government. But even though the 2019 budget was delayed, economic growth was still respectable compared to regional economies,” he added.
In terms of the unemployment rate, regions with highest unemployment rate in 2019 are the followings: BARMM (6.6%), CALABARZON (6.1%) and NCR (5.8%).