The Department of Labor and Employment (DOLE) welcomed the results of the Labor Force Survey (LFS) of the Philippine Statistics Authority for February 2023 which shows the current situation of the labor market where it has already recovered and continues to improve the employment situation of the country.
The labor department said in a statement released yesterday that the February LFS highlights the increase in the number of Filipinos joining the labor force, with a participation rate of 66.6 percent or 51.27 million. The said number is 2.67 million higher than the labor force participation in the same period last year, and 1.548 million higher than the reported labor force participation last month, DOLE added.
DOLE reported that there was also an increase in the country’s employment rate by 1.6 percentage points or from 93.6 percent in February 2022 to 95.2 percent in February 2023. This means that 48.8 million Filipinos are employed.
DOLE attributed the increase in employment to the expansion of employment in the wholesale and retail trade (repair of motor vehicles and motorcycles) (+701,000 or 6.96%); accommodation and food service activities (+580,000 or 34.8%); agriculture and forestry (+554,000 or 5.76%); and other service activities (+362,000 or 13.83%); and fishing and aquaculture (+340,000 or 27.45%).
Regarding the unemployment incidence, a decrease in the number of unemployed workers was seen in the year-on-year comparison, from 6.4 percent in February 2022 to 4.8 percent in February 2023.
The same was observed among unemployed youth who reported a decrease of 5.2 percentage points or from 14.3 percent of February 2022 to 9.1 percent of February 2023.
In addition, the underemployment rate also decreased by 1.1 percentage points, from 14% in February 2022 to 12.9% this year.
Amidst this continuous momentum, the labor department continues to align its initiatives, implementation, and policies with national and sectoral plans while recognizing current and emerging challenges in the labor market.
One of them is the conclusion of the Department’s regional consultation for the finalization of the Labor and Employment Plan 2023-2028, which is in accordance with the President’s 8-Point Socioeconomic Agenda.
The Department also continues to collaborate with the private sector and industry associations in delivering opportunities to strengthen their workforce to guarantee the skills and abilities of workers and job protection.
It also prioritizes providing skills to workers, especially new entrants to the workforce, to increase their skills and employment opportunities.
-END-
