DAVAO CITY, Philippines — The unemployment rate in the Philippines rose slightly in April, according to data released by the Philippine Statistics Authority (PSA) on Thursday.
The jobless rate increased to 4 percent in April, up from 3.9 percent in March. This translates to 2.04 million unemployed Filipino workers in April, a marginal increase from the 2 million jobless workers recorded in March.
The underemployment rate also showed a notable rise, reaching 14.6 percent in April 2024. This marks an increase from both the 12.9 percent underemployment rate seen in April 2023 and the 13.9 percent reported in January 2024.
The PSA defines underemployed individuals as those who are employed but still seeking additional work hours or an additional job, or a new job with longer hours.
“In terms of magnitude, 7.04 million of the 48.36 million employed individuals expressed the desire to have additional hours of work in their present job, or to have an additional job, or to have a new job with longer hours of work in April 2024,” the PSA reported. This reflects a growing trend of workers seeking better employment conditions and opportunities.
The rise in unemployment and underemployment rates highlights ongoing challenges in the labor market, exacerbated by economic uncertainties and structural issues within various industries.
Analysts suggest that addressing these issues requires comprehensive policies focused on job creation, skill development, and economic reforms to stimulate growth and employment opportunities.
In the Davao region, the unemployment rate also saw an increase. As of April 2024, the region’s unemployment rate stood at 4.5 percent, up from 4.2 percent in March. This indicates that around 90,000 individuals were unemployed in the region in April, compared to approximately 84,000 the previous month.
The underemployment rate in Davao also rose to 16 percent, highlighting the region’s need for improved employment opportunities and job security.
The PSA’s latest data underscores the need for targeted interventions to support the labor force, particularly in sectors hardest hit by economic fluctuations. Government programs aimed at upskilling workers, improving job matching services, and incentivizing businesses to create more employment opportunities are seen as crucial steps toward mitigating the impact of rising unemployment and underemployment rates.
The increase in the number of jobless and underemployed Filipinos is a critical issue that requires immediate attention to ensure sustainable economic recovery and inclusive growth.
As the country navigates these challenges, the focus remains on creating a resilient labor market capable of withstanding future shocks and providing stable employment for all Filipinos.
The post Unemployment Uup: 2.04 million jobless Filipinos in April appeared first on NewsLine Philippines.
Unemployment Uup: 2.04 million jobless Filipinos in April
Newspaper Updates PH
0 comentários :
Post a Comment