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3M+ Filipinos jobless in Feb.
The Philippine Statistics Authority (PSA) recently released its latest Labor Force Survey (LFS) report, revealing that over 3 million Filipinos were jobless in February 2021. This is a significant increase from the 2.4 million jobless individuals recorded in January 2021.
The unemployment rate in February 2021 was at 7.1%, which is higher than the 5.3% recorded in January 2021. This means that out of the 73.7 million Filipinos in the labor force, 52.7 million were employed, while 3.44 million were unemployed.
The report also showed that the underemployment rate, which refers to employed individuals who are still looking for additional work or longer working hours, was at 18.2% in February 2021. This is slightly lower than the 18.9% recorded in January 2021, but still higher than the 14.4% recorded in February 2020.
The COVID-19 pandemic has greatly affected the Philippine economy, resulting in job losses and business closures. The government has implemented various measures to address the economic impact of the pandemic, such as the Bayanihan to Recover as One Act (Bayanihan 2) and the Economic Stimulus Package (ESP).
However, these measures may not be enough to fully address the unemployment and underemployment issues in the country. The government needs to implement more sustainable and long-term solutions to create more job opportunities and support businesses.
One possible solution is to focus on the development of industries that have the potential to create more jobs, such as agriculture, manufacturing, and tourism. The government can also provide more support to small and medium-sized enterprises (SMEs), which are major contributors to job creation in the country.
Another solution is to provide more training and education programs to help individuals acquire the skills needed for in-demand jobs. This can be done through partnerships with the private sector and educational institutions.
In conclusion, the latest LFS report highlights the need for the government to implement more effective solutions to address the unemployment and underemployment issues in the country. It is crucial to create more job opportunities and support businesses to help Filipinos recover from the economic impact of the pandemic.