Less jobless Filipinos in Oct.

 Less jobless Filipinos in Oct.

The Philippine economy has shown signs of recovery as the unemployment rate dropped to 8.7% in October, according to the Philippine Statistics Authority (PSA). This is a significant improvement from the 10% unemployment rate recorded in July.

The PSA reported that the number of jobless Filipinos decreased by 429,000 in October, bringing the total number of unemployed individuals to 3.8 million. This is a positive development for the country, which has been grappling with the economic impact of the COVID-19 pandemic.

The decrease in unemployment can be attributed to the gradual reopening of businesses and industries, as well as the government’s efforts to provide assistance to affected workers. The government’s Bayanihan to Recover as One Act (Bayanihan 2) has allocated funds for programs such as the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) and the COVID-19 Adjustment Measures Program (CAMP), which provide financial aid and employment opportunities to affected workers.

The agriculture sector has also contributed to the decrease in unemployment, with the PSA reporting an increase in employment in the sector by 1.2 million. This can be attributed to the government’s focus on promoting agriculture as a key driver of economic growth, as well as the increased demand for food due to the pandemic.

Despite the positive development, the PSA noted that the underemployment rate remained high at 14.4%, indicating that many Filipinos are still struggling to find full-time employment or are working in jobs that do not match their skills and qualifications.

The government must continue to implement measures that will address the issue of underemployment and provide more opportunities for Filipinos to secure stable and decent jobs. This includes investing in education and skills training programs, promoting entrepreneurship, and attracting more foreign investments to create more job opportunities.

The decrease in unemployment is a step in the right direction for the Philippine economy, but there is still much work to be done to ensure that all Filipinos have access to decent and sustainable employment. With the right policies and programs in place, the country can continue to build a more resilient and inclusive economy that benefits all its citizens.