THE Philippine labor market continues to record positive gains as more Filipinos pursue and attain high-quality jobs amid the now fully-opened economy, said the National Economic and Development Authority (NEDA).
The Philippine Statistics Authority reported today that the country’s unemployment rate declined to 4.3 percent in December 2022, from 6.6 percent during the same period the previous year. This translates to 1.1 million fewer unemployed compared to December 2021.
As the economy further reopened, 1.7 million more Filipinos joined the labor force, raising the labor force participation rate to 66.4 percent from 65.1 percent in the previous year.
The corresponding expansion in the services and industry sectors resulted in an additional 2.7 million employed persons year-on-year, bringing total employment to 49.0 million Filipinos.
“The government remains committed to providing more, better and green job opportunities to Filipinos and sustaining a vibrant labor market through the strategies articulated in the Philippine Development Plan 2023-2028,” NEDA Secretary Arsenio M. Balisacan said.
Top employment contributors in December 2022 include wholesale and retail trade, other service activities, and accommodation and food service activities, which were boosted by the full resumption of commercial activities, pent-up demand, and holiday spending. However, these were tempered by losses in agriculture due to weather disturbances and the spread of infectious diseases among livestock and poultry.
