PH employment rate up, unemployment down in June

Transcript

00:00Despite persistent and rising inflation over the last couple of months, the country's workforce

00:05grew with close to a million and a half jobs created and filled out from May to June this

00:10year.

00:11This, notwithstanding nearly all of these job vacancies or work opportunities filled

00:15out were mostly temp or part-time deals, pushing unemployment by a little over 12 percent in

00:20June from below 10 percent in May.

00:23But as our Soojin Kim reports, the half a million Filipinos off the unemployment line

00:27in a month's time is hard to ignore and dismiss.

00:33The employment rate in the country climbed to 96.9 percent in June.

00:38This, as the Philippine Statistics Authority recorded 50.28 million Filipinos having businesses

00:44or gainful employment during such time.

00:46This increase in the number of employees, most of them are from private establishments.

00:54In terms of quality, maganda rin, ang expectation is that tuloy-tuloy.

01:01Meanwhile unemployment in the country dropped to a record low 3.1 percent.

01:06Close to half a million Filipinos lifted from unemployment.

01:09Isa sa mga mabababa na unemployment rate mula noong April of 2005.

01:17A slight increase was noted in underemployment.

01:20This uptick equates to 208,000 employees seeking more work hours or additional jobs.

01:26Makikitang bagyang mas mataas ito kumpara sa naiulat na underemployment rate noong June

01:312023.

01:32Still, the PSA saw an increase in the number of Filipinos who worked more than 40 hours

01:37a week.

01:38Naitala sa 40.9 hours ang average hours worked in a week.

01:42The services sector continues to provide the most jobs for the month, trailed by agriculture

01:47and industry.

01:49Meanwhile, the sub-sectors with the highest escalation in employment are construction,

01:54wholesale and retail trade, repair of motor vehicles and motorcycles, accommodation and

01:59food service, manufacturing and transportation.

02:03The sub-sectors with the most contraction in employment were agriculture and forestry,

02:07as well as public administration and defense.

02:10Noong agri-sektor natin, year on year talaga may pagbabaan.

02:16Isa talaga sa substantial na may malaking pagbawas, yung may, mas matindi yata yung

02:25El Nino, reflected naman dito sa ating labor market.

02:28Following this, Mapa says,

02:30We have expectation na magbabounce back naman itong employment sa ating agri-sektor.

02:40Finance Secretary Ralph Recta shares such optimism over this development.

02:45He is rosy on the prospects of the Marcos Jr. administration achieving its goal of

02:49reducing the poverty rate to single-digit, or 9 percent, this by 2028.

02:54The government continues to intensify its strategies to cement a robust and resilient

02:59labor market, even as it addresses bottlenecks and expedites processes to fulfill investment

03:05pledges and reap the benefits of liberal economic reforms.

03:09Soojin Kim, from the National TV Network, for the New and Better Philippines.