The unemployment rate in the Philippines jumped to a three-month high in May while job quality deteriorated despite increased economic activity, data from the Philippine Statistics Authority (PSA) showed. READ:
Preliminary data from the statistics agency showed the jobless rate in May reached 6%, higher than 5.7% in April. However, this was still lower than 7.7% in May last year.In absolute figures, the ranks of the unemployed Filipinos rose month on month by 165,000 to 2.927 million in May. On an annual basis, the number declined by 812,000 from 3.739 million.
“Amidst external shocks, the government has sustained the economy’s growth momentum and steered it towards a higher growth path. Now, the immediate challenge is the full reopening of the economy,” Socioeconomic Planning Secretary Arsenio M. Balisacan said in a statement. National Statistician Claire Dennis S. Mapa said the jobs survey does not specifically cover election-related questions.
Security Bank Corp. Chief Economist Robert Dan J. Roces said in an e-mail more people are entering the labor market as Metro Manila and most provinces are under the most lenient alert level. The services sector remained the top employer in May after recording an employment rate of 59%, a bit higher than 58% in April. Industry also improved and edged up to 19% from 18.4%.Albay Rep. Jose Ma. Clemente S. Salceda said “job bleeding” was most noticeable in agriculture and forestry.
“Over the medium term, the government will focus on creating more jobs, quality jobs, and green jobs through productivity-enhancing investments,” Mr. Balisacan said.
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