PH unemployment at Jan 2020 low

The Philippine economy has been showing signs of improvement as the country’s unemployment rate dropped to a record low of 4.5% in January 2020. This is a significant improvement from the 5.1% unemployment rate recorded in the same period last year.

The decrease in unemployment can be attributed to the government’s efforts to create more job opportunities and improve the country’s economic growth. The government has been implementing various programs and initiatives to boost employment, such as the Build, Build, Build infrastructure program, which aims to create more jobs in the construction sector.

The manufacturing sector has also been a significant contributor to the decrease in unemployment, with the industry adding 76,000 jobs in January 2020. The service sector, which includes business process outsourcing (BPO) and tourism, also saw an increase in employment.

The BPO industry, in particular, has been a significant contributor to the country’s economic growth, with the sector generating over $26 billion in revenue in 2019. The industry has also been a significant source of employment, providing jobs to over 1.2 million Filipinos.

The government’s efforts to improve the country’s infrastructure and attract more foreign investments have also contributed to the decrease in unemployment. The government’s “Build, Build, Build” program has led to the construction of various infrastructure projects, such as airports, seaports, and highways, which have created more job opportunities.

Foreign investments have also been pouring into the country, with the Philippines attracting $7.6 billion in foreign direct investments (FDI) in 2019. The influx of foreign investments has led to the creation of more jobs in various industries, such as manufacturing, BPO, and tourism.

Despite the positive developments, there are still challenges that need to be addressed to sustain the country’s economic growth and decrease in unemployment. One of the challenges is the need to improve the quality of jobs and ensure that workers are paid fair wages.

The government also needs to address the issue of underemployment, which remains high at 14.4% in January 2020. Underemployment refers to workers who are employed but are still looking for additional work or longer working hours.

In conclusion, the decrease in unemployment in January 2020 is a positive development for the Philippine economy. The government’s efforts to create more job opportunities and improve the country’s economic growth have contributed to the decrease in unemployment. However, there are still challenges that need to be addressed to sustain the country’s economic growth and ensure that workers are paid fair wages.