Number of jobless Filipinos decreases in February 2024

Summary

The unemployment rate in the Philippines decreased from 4.5% in January 2024 to 3.5% in February 2024, with 1.8 million unemployed Filipinos. This marks the second lowest rate since September 2023. Employment rose to 96.5%, with 48.94 million people employed. Wage and salary workers made up 62.9% of the employed, with retail, agriculture, and food services leading in employment gains. Fishing and IT sectors experienced job losses. Improved business sentiment under the Marcos administration is credited for job consolidation, though wage quality remains a priority amid rising prices.

Takeaways

• 👷 Jonas, a construction worker, has applied for a job three times but struggles due to a lack of requirements and job vacancies in targeted firms.
• 🔧 Roberto, a mechanic, has been jobless for a month, reflecting the ongoing unemployment situation.
• 📉 The unemployment rate in the Philippines decreased from 4.5% in January 2024 to 3.5% in February 2024.
• 📊 This drop in unemployment translates to 1.8 million jobless Filipinos as of February 2024.
• 📉 The February 2024 unemployment rate is the second lowest since September 2023.
• 📈 The employment rate increased to 96.5% in February 2024, representing 48.94 million employed persons.
• 💼 Wage and salary workers make up 62.9% of the total employed population in February 2024.
• 🌾 Industries with the highest employment rates include wholesale and retail trade, agriculture and forestry, and accommodation and food services.
• 🐟 The largest declines in employment were seen in fishing, aquaculture, and information and communication industries.
• 💬 Economist Joey Sala attributes the improvement in job numbers to better business sentiment under the Marcos administration, though wage quality remains a key concern amidst rising prices.

Q & A

Who is Jonas, and what challenges is he facing in finding a job?

Jonas is a construction worker who has applied for a job three times. He is finding it difficult to get employed due to lacking requirements and the absence of vacancies in the firms he has targeted.

What is Roberto's situation regarding employment?

Roberto is a mechanic who has been jobless for a month.

How has the unemployment rate in the Philippines changed from January to February 2024?

The unemployment rate in the Philippines decreased from 4.5% in January 2024 to 3.5% in February 2024, according to the February 2024 Labor Force Survey.

How many Filipinos were unemployed in February 2024?

In February 2024, 1.8 million Filipinos were unemployed.

What is the employment rate in the Philippines as of February 2024?

The employment rate in the Philippines as of February 2024 is 96.5%, equivalent to 48.94 million employed persons.

How does the February 2024 unemployment rate compare historically?

The February 2024 unemployment rate of 3.5% is the second lowest since September 2023.

Which industries have the highest employment rates in February 2024?

The industries with the highest employment rates in February 2024 are wholesale and retail trade, agriculture and forestry, and accommodation and food service activities.

Which industries saw the largest drop in the number of employed persons?

The industries that experienced the largest drop in the number of employed persons are fishing and aquaculture, and information and communication.

What does economist Joey Sala attribute the improved job situation to?

Economist Joey Sala attributes the improved job situation to improved business sentiment under the Marcos administration.

What remains a key priority despite the improving job situation in the Philippines?

Wage quality remains a key priority despite the improving job situation, especially in light of the rising prices of goods.