According to data issued by the Philippine Statistics Authority, there were fewer unemployed Filipinos in July as the unemployment rate decreased to its lowest level since the start of the COVID-19 pandemic.

The country's unemployment rate decreased from 7.2 percent in July 2021 to 5.2 percent in July 2022, according to the most recent Labor Force Survey. Additionally, this is the lowest unemployment rate recorded in the Labor Force Survey's July rounds since 2005.

From 3.23 million in July 2021 to 2.6 million in July 2022, the number of unemployed people decreased. The predicted number of unemployed people in June 2022 was 2.99 million.

Arsenio Balisacan, secretary of socioeconomic planning, said in a statement yesterday that "we foresee more jobs and income prospects available for Filipinos in the coming months as we progress toward the complete reopening of the economy."

He continued, "These prospects will help mitigate the impact of global inflationary pressures on Filipinos' purchasing power."

The underemployment rate decreased from 21% in July 2021 to 13.8%. This translates to 2.2 million fewer people who are underemployed.

The underemployment rate, however, increased from 12.6 percent in the preceding month.

Over 5.1 million people entered the work force in July 2022, raising the rate of labor force participation to 65,2 percent.

The employment rate increased to 94.8 percent, the greatest level seen since the pandemic began, as the overall number of people in employment increased to 47.4 million.

All economic participants must prioritize the ongoing reopening of schools. The most recent data demonstrate that when more youngsters chose to return to in-person learning, women were also relieved of additional domestic caregiving duties, providing them with more opportunities to be economically engaged, according to Balisacan.

The majority of the gain in employment, particularly in wholesale and retail trade, was attributed to the services sector, the National Economic and Development Authority noted. Agriculture and industry are the next two sectors.

In order to maintain low alert levels and increase domestic economic activity, Balisacan continued, the immunization program must be strengthened by raising the nation's booster rate.

Both SENTRO Secretary-General Josua Mata and PM Chairman Rene Magtubo stated in separate remarks that the rising underemployment rate in the July 2022 Labor Force Survey data can readily explain why there are less unemployed Filipinos.

According to Magtubo, the decrease shows that the economy is continuing to open up and is producing more jobs.

But, he continued, "it is crucial to highlight that there is also an increase in the underemployment rate, which also indicates that the nature of jobs produced remains transitory or contractual.

As the economy continues to expand, jobs are appearing as anticipated. But the quality of the employment being created raises concerns," Mata said.

"Part-time employment is on the rise, compared to full-time employment. As a result, there are more employed individuals looking for additional jobs, as evidenced by rising underemployment, he continued. Including Gerard Naval