Employment rate up, joblessness down in August

PTVPhilippines

Employment rate up, joblessness down in August  For more news, visit:  ►https://www.ptvnews.ph/  Subscribe to our DailyMotion Channel: ►http://www.dailymotion.com/peoples-television-incorporated  Subscribe to our YouTube channel: ►http://www.youtube.com/ptvphilippines  Like our Facebook pages: ►PTV: http://facebook.com/PTVph  ►Rise and Shine Pilipinas: https://www.facebook.com/riseandshinepilipinas  Follow us on Twitter:  ►http://twitter.com/PTVph  Follow us on Instagram: ►https://www.instagram.com/ptvph  Watch our livestream on:  ►http://ptvnews.ph/livestream/ ►https://www.dailymotion.com/PTVPhilippines  Watch our News Programs, every Mondays to Fridays  Rise and Shine Pilipinas - 6:00 - 8:00 am Bagong Pilipinas Ngayon - 12:00 - 1:00 pm Sentro Balita - 1:00 pm - 2:00 pm Ulat Bayan - 6:00 pm - 7:00 pm PTV News Tonight -  9:30 pm - 10:30 pm  Saturday & Sunday: ►Ulat Bayan Weekend - 6:15 pm - 7:00 pm

Transcript

00:00The latest developments in the labor market show a positive shift in unemployment easing considerably

00:06with over a million more Filipinos with jobs this year than at the same time last year.

00:11Positive Science Economic Manager and Neta Chief Arsenio Balisacan said augurs well

00:17for a more vibrant and inclusive economy as our Joshua Garcia lays it out in this report.

00:25The employment rate continues to rise while unemployment in the country

00:29decreases according to the latest data from the Philippine Statistics Authority

00:33especially now that it's the bear months and the holiday season.

01:00In the most recent labor force survey of the PSA last August, the employment rate reached 96%,

01:06slightly higher compared to 95.6% in August 2023 and 95.3% in July 2024. This translates

01:14to an increase in the number of employed individuals from 48.07 million in August 2023

01:19to 49.15 million in August 2024. Meanwhile, the unemployment rate decreased to 4% in August this

01:26year from 4.4% in the same month in 2023, equivalent to a drop from 2.22 million unemployed

01:33individuals in August 2023 to 2.07 million in August 2024. According to National Statistician

01:40Undersecretary Claire Dennis Mapa, this is due to a significant number of women entering the

01:45workforce which also raised the labor force participation rate. Year on year between August

01:502023 and August 2024, about 1.03 million female workers joined the labor force and about 1.03

02:00million then were absorbed in the labor market which have been employed. Overall, the labor

02:06force participation rate or LFBR remained high at 64.8% in August indicating that 51.22 million

02:14Filipinos are active in the labor market, up from 50.29 million in 2023. On the other hand,

02:21the National Economic and Development Authority or NEDA stated that the latest labor force survey

02:26along with the decline in the inflation rate to 1.9% in September owns to a prosperous Christmas

02:31season for Filipinos. This comes as the government drafts the Trabaho para sa Bayan or TPB plan for

02:372025 to 2034 led by TPB Inner Agency Council in collaboration with other government agencies

02:43and stakeholders from the private sector. Meanwhile, according to the Department of

02:47Employment or DOLE, the preliminary results of the August 2024 labor force survey reflect the

02:52government's steadfast dedication to building a more equitable and inclusive economy. Along

02:58with the increase in the number of jobs, there has also been an improvement in their quality

03:02and as the holiday season typically brings more job opportunities, particularly in the services

03:07sector, the labor department expects continued growth in alignment with their end of plan goals.

03:13Joshua Garcia from the National TV Network for a new and better Philippines.

Category

Transcript

Recommended