Reigh John Bench Almendras
Unemployment increases in June with more than 200,000 more individuals compared to the previous period. Photo courtesy of The Manila Times.
Unemployment rate peaked at 4.5 percent in June, higher compared to the 4.3 percent record in May, Philippine Statistics Authority (PSA) said on Wednesday.
The percentage amounts to 2.33 million jobless Filipino workers compared to 2.17 million last month (May).
The underemployment rate also climbed to twelve percent in June, higher than the 11.7 rate recorded in May, meaning there are 5.87 million underemployed Filipino workers, from 5.66 million in the past month.
However, PSA noted the numbers still represent growth as compared to the six percent rate recorded in June 2022.
Underemployment was described by the PSA as the number of Filipino workers with jobs but are still looking for more job hours to gain extra income.
Similar to the past years, the Service Sector contributes most in the number of workers with 58.2 percent total number employed.
Agriculture accounts for 23.8 percent, while Industry holds 18 percent share.
The Hog Farming Industry recorded a year-on-year increase of 173,000, and the Planting and Transplanting Industry recorded 169,000 increase in its employment.
On the other hand, the highest drop in jobs were recorded among the Fishing and Aquaculture Industry (233,000) alongside Manufacturing Industry (99,000) and Professional, Scientific, and Technical Activities Industry (65,000).
The National Economic and Development Authority (NEDA) said there is a need to upskill the Filipino workers to improve employability and elevate the competence of the country’s workforce.
“Modernizing training and vocational educational facilities, as well as enhancing educational qualification, competencies, and skills, are necessary to respond to the emergence of new demands for competence and skills.” said NEDA Secretary Arsenio Balisacan.