Unemployment rate hits 7.4% in Jan.
MANILA, Philippines – The unemployment rate in January 2011 was estimated at 7.4 percent, while the employment rate was recorded at 92.6 percent, the National Statistics Office (NSO) reported saying that there were more unemployed males than females.
Almost half (48.9%) of the unemployed were in age group 15 to 24 years.
More than one third of the unemployed were high school graduates, and almost two-fifth (39.1%) reached college education.
The regions that posted high employment rates in January 2011 were Cagayan Valley and Zamboanga Peninsula, each registering a rate of 96.9 percent, SOCCSKSARGEN, 96.8 percent, Autonomous Region in Muslim Mindanao (ARMM), 96.1 percent, and MIMAROPA, 95.7 percent. The National Capital Region (NCR) had the lowest employment rate at 88.0 percent.
The January 2011 labor force survey placed the size of the labor force at 39.2 million out of the estimated 61.5 million population of 15 years old and over, resulting in the labor force participation rate (LFPR) of 63.7 percent.
Among the regions, MIMAROPA registered the highest labor force participation rate at 70.0 percent while the lowest was posted in ARMM at 55.7 percent.
Of the estimated 36.3 million employed persons in January 2011, the services sector was the largest group comprising more than half (52.5%) of the total employed population.
The largest employed workforce in the services sector were in wholesale and retail trade, repair of motor vehicles, motorcycles and personal and household goods.
Workers in the agriculture sector accounted for 32.9 percent of the total employed, with those engaged in the agriculture, hunting and forestry sub-sector making up the largest sub-sector.
Only 14.5 percent of the total employed were in the industry sector, with the manufacturing sub-sector making up the largest percentage.
Among the various occupation groups, the laborers and unskilled workers comprised the largest group making up 31.7 percent of the total employed persons in January 2011.
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This issue Unempleyment rate hits 7.4% has remained high in the Philippines, at almost twice the level of neighboring countries, despite relatively fast employment growth in the past decade. Employment growth was not sufficient to reduce unemployment because of rapid population growth and increase labor force participation.
