The Philippines is grappling with a rise in unemployment as the rate surged to 4.5% in June, up from 4.3% in May, as reported by the Philippine Statistics Authority (PSA).
In a recent announcement by the PSA, it was revealed that the number of unemployed individuals rose from 2.17 million in May to 2.33 million in June. Comparatively, the unemployment rate during the same period in the previous year, June 2022, was recorded at 6%.According to the head of PSA, the most affected sectors by this increase were fishing and aquaculture, transportation and storage, as well as arts, entertainment, and recreation.
The secretary of the National Economic Development Agency (NEDA) addressed the concerning issue, emphasizing the government’s commitment to addressing the unemployment challenge. One strategy being pursued involves upskilling the workforce to enhance the employability of Filipino citizens.
Notably, the employment rate among individuals aged 15 to 24 has experienced a notable uptick. NEDA acknowledged this trend and commented, “With the expanding population of young workers, the Philippine government is redoubling efforts towards comprehensive training and upskilling initiatives to equip them with the competencies needed to secure high-quality, well-paying jobs.
“Despite domestic efforts, a significant number of Filipinos continue to seek employment opportunities abroad, driven by the prospects of better remuneration and improved working conditions.
As the Philippines navigates the challenges posed by this rise in unemployment, initiatives to bolster domestic job markets through skills enhancement and a focus on high-quality job creation are poised to play a crucial role in mitigating the impact on the workforce and the broader economy.