Jobless rate improves to 6.8% in October
Reuters
Inquirer.net
MANILA, Philippines — More people landed jobs in October despite the global financial crisis as the jobless rate fell to 6.8 percent in October from 7.4 percent in July.
The percentage of underemployed or those who have jobs but want to work more, also slid to 17.5 percent of total employed in October from 21 percent in July.
Of the 34.53 million people employed in October, almost half were in the services sector, more than a third were in agriculture, and the rest were in the industries sector.
More than half of the employed, or nearly 52 percent, were wage and salary workers, while more than a third were self-employed workers. The rest were unpaid family workers.
Unlike its neighbors Singapore and Japan, the Philippines is not expected to slide into recession with the economy expected to grow at 3.7-4.7 percent in 2009, although slower than the projected 4.1-4.8 percent this year, based on government estimates.
President Gloria Macapagal-Arroyo has vowed to create one million jobs annually but has failed to deliver on that promise due to budget spending restraints as the government tries to rein in the budget deficit.
On Tuesday, Arroyo said slightly more than 1,000 Filipinos had lost their jobs abroad as foreign companies cut costs to cope with the worsening crisis. Those overseas workers are likely to head home, creating further pressure on domestic employment.
About a tenth of the Philippine population work and live overseas, mainly in the Middle East, United States, and in many parts of Asia and Europe to support their families at home.
“We long for the day when we will have enough jobs in the Philippines so that work abroad will only be a career choice…and not the only option for a hardworking Filipino,” Arroyo said in a televised message.
Many of the Philippines’ top corporations said they are not planning to hire more people for expansion next year, the central bank’s fourth-quarter business expectations survey showed.
No Comments, Comment or Ping
Reply to “Jobless rate improves to 6.8% in October”