Connect with us

Hi, what are you looking for?


Jobless rate soars to 8.9% in Sept.

Joblessness remained elevated in the Philippines in September. — PHILIPPINE STAR/ MICHAEL VARCAS

THE UNEMPLOYMENT RATE rose to 8.9% in September, as bad weather left nearly 900,000 without work in the farm sector and strict lockdowns claimed over 340,000 factory jobs, the Philippine Statistics Authority (PSA) reported on Thursday.

Based on the preliminary report of the September round of the labor force survey (LFS), the jobless rate increased to 8.9%, compared with the 8.1% in August. This was the highest this year, matching the revised 8.9% jobless rate in February.

This translated to 4.25 million unemployed Filipinos in September, up from 3.88 million in August.

At an online press conference on Thursday, National Statistician and PSA chief Dennis S. Mapa said 862,000 jobs in agriculture and forestry were lost in September due to several storms and the end of the harvest season.

Severe Tropical Storm Jolina (Conson) and Tropical Storm Kiko (Chanthu) hit parts of the country in September.

The manufacturing sector also lost 343,000 jobs, as Metro Manila remained under the second-strictest lockdown until Sept. 15.

Other sectors that shed jobs included information and communications (126,000), mining (75,000) and real estate (69,000).

“These results were expected as many parts of the country remained under stringent and blanket quarantines for most of the survey period,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a statement.

“Overall, the economy has generated 1.1 million employment above the pre-pandemic level. This signals the Philippines’ continuing recovery.”

Employment rose by 414,000 in the services sector in September, thanks to wholesale and retail trade which accounted for 353,000 jobs.

Other subsectors that increased workers included public administration and defense and compulsory social security (118,000), education (115,000) and construction (105,000).

Overall, the quality of jobs slightly improved as the underemployment rate went down to 14.2% in September from 14.7% in August — the second lowest this year after the 12.3% in May. This represents those in the labor force who are already working but are looking for more work or looking to work for longer hours.

The underemployment rate represented 6.18 million, down from 6.48 million in August.

The month’s labor force participation rate (LFPR) dipped to 63.3% in September, from 63.6% in August.

The size of the working-age population was approximately 47.85 million in September, slightly lower than the 48.12 million in the previous month.

Mr. Chua expressed confidence the labor market would show improvements in October, since it would reflect the full impact of the granular lockdowns in the Philippine capital.

“We look forward to the expansion of the alert level and granular lockdown system to the whole country to recover more jobs and livelihoods,” he said in a statement.

However, the lackluster labor market may have weighed on the economy’s growth in the third quarter.

“Lack of access to income and accelerating inflation likely tag teamed to keep a lid on household spending. Meanwhile, fear of the more transmissible Delta variant kept Filipinos indoors for longer, also limiting their options to online shopping,” ING Bank NV Manila Senior Economist Nicholas Antonio T. Mapa said.

Mr. Mapa said further easing of mobility curbs and a pickup in the pace of vaccinations will help drive consumption.

“However, until households are secure in their ability to access income and rebuild their savings, we may have to be content with only modest gains in consumption and in turn, overall economic growth. Where consumption goes, the Philippine economy will likely follow,” he added.

In a Viber message, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the recent typhoons in October could lead to another temporary reduction in agricultural jobs until the next planting season.

Despite the higher unemployment rate, Mr. Ricafort said markets may “look beyond that and well into the Christmas holiday season and also the preparations for the May 2022 elections.”

He said there will be more job opportunities as the national elections approach as the government ramps up infrastructure spending. — B.A.D.Anago

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



SM Investments Corp. announces annual stockholders’ meeting on April 26 – BusinessWorld Online ...


AyalaLand Logistics Holdings Corp. to conduct annual meeting of stockholders virtually on April 19 – BusinessWorld Online ...


Please see below for the Notice of the Annual Stockholders’ Meeting of Premium Leisure Corp. TO ALL STOCKHOLDERS: The Annual Stockholders’ Meeting of Premium...


Please see below for the Notice of the Annual Shareholders’ Meeting of Belle Corporation. To all Shareholders: The annual meeting of the shareholders of...


PHILIPPINE STAR/MICHAEL VARCAS By Keisha B. Ta-asan, Reporter THE BANGKO Sentral ng Pilipinas (BSP) is likely to pause its current tightening cycle in May,...


BW FILE PHOTO THE NATIONAL Government’s (NG) gross borrowings declined by 16.5% as of end-January, the Bureau of the Treasury (BTr) said. Based on...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.