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| Despite high inflation, the latest PSA Labor Force Survey (LFS) revealed the highest employment rate of 95% since the pandemic began in January 2020. |
Finance Secretary Benjamin Diokno welcomed the Philippine Statistic Authority's (PSA) latest Labor Force Survey (LFS) results, which showed the highest employment rate of 95% since the pandemic began in January 2020, despite high inflation.
The job market is continuing to improve as economic activity returns to normal. According to the LFS results, 47.6 million Filipinos will be employed as of September 2022, a 9.2% increase from 43.6 million in the same period last year.
Meanwhile, PSA reported a labor force participation rate (LFPR) of approximately 50.08 million individuals, or 65.2%, of the 76.83 million Filipinos aged 15 and above. This shows that a more significant proportion of the population is returning to work.
Furthermore, the unemployment rate remains at 5%, down from 8.9% last year. This figure is the lowest since the fourth quarter of the pre-pandemic period in 2019, when it was 4.6%.
The service sector remains the leader, accounting for 58.9% of total employment, followed by agriculture and industry, which account for 22.5% and 18.6%, respectively.
Marcos administration's eight-point socioeconomic agenda promises to create more high-quality jobs in the medium term.
The government is currently working to reduce high inflation by increasing productivity and providing rehabilitation assistance to sectors affected by recent typhoons. —iTacloban