Manila – The Department of Labor and Employment (DOLE) expressed optimism about the improvement in the Philippines' employment figures for the last quarter of 2023. Labor Secretary Bienvenido Laguesma, in a briefing on Thursday, attributed this positive outlook to the expected rise in economic activities, particularly during the holiday season. This announcement comes alongside a noted decrease in the country's underemployment rate.

According to Philippines News Agency, Laguesma highlighted the drop in underemployment from 11.7 percent to 10.7 percent, indicating a shift towards more stable and well-paid jobs. He pointed out an increase in fixed wage and salaried workers, and a decline in self-employed and unpaid workers. These trends suggest a strengthening job market.

The Philippine Statistics Authority (PSA) released the latest Labor Force Survey results on Wednesday, revealing a decline in the unemployment rate from 5 percent in September last year to 4.5 percent in the same month this year. National Statistician Dennis Mapa noted the number of unemployed Filipinos decreased to 2.26 million from 2.5 million year-over-year. The Labor Force Participation Rate (LFPR) stood at 64.1 percent, accounting for about 49.93 million Filipinos aged 15 and above who were either employed or actively seeking work.

However, the survey also indicated job losses in several sectors. The manufacturing sector shed approximately 888,000 jobs, the wholesale and retail trade sector lost 722,000 jobs, and the agriculture and forestry sector saw a reduction of 649,000 jobs. Laguesma explained that these changes reflect the fluctuating and seasonal nature of the Philippine labor market, exacerbated by adverse climatic conditions and climate change, particularly impacting agriculture. He also attributed the decline in manufacturing employment to supply chain issues, as well as concerns related to input and borrowing costs.