Survey shows positive path for Philippine economy

CEBU, Philippines — The preliminary results of the August 2023 Labor Force Survey affirmed the viability of the government’s initiatives and continuous improvement of the economy as it maintains a positive trajectory for our labor market, said Department of Labor and Employment Secretary Bienvenido Laguesma.

Laguesma said the employment rate for August 2023 translates to 95.6 percent which is 0.9 percentage point higher from 94.7 percent of August 2022

He said that this continuous improvement is not only evident in one industry alone but also in others, particularly to the five sub-sectors that show annual increases in the number of employed persons.

These sectors are fishing and aquaculture, construction, agriculture, human health and social work activities, and administrative and support service activities.

The labor secretary, in a statement, added that the gain in employment in the agriculture sector can be attributed to the early harvest of palay planted during the wet cropping season.

Agriculture Undersecretary for Rice Industry Development Leocadio Sebastian has affirmed that the early harvest of palay from three provinces, namely: Isabela, Nueva Ecija, and North Cotabato, will start by the last week of August until September.

On the other hand, Laguesma said that the rate of unemployment shows the same favorable result.

He said the unemployment rate decreased by 0.9 percentage points to 4.4 percent in August 2023 from 5.3 percent in the previous year.

Furthermore, out of 48.07 million employed persons in August 2023, only 11.7 percent of them are underemployed, which are individuals who indicated desire to have additional jobs or longer working hours compared to the 14.7 percentage in August 2022

“In spite of the fact that the most recent results revealed significant advances in the Philippine labor market, the government should continue to increase its efforts to enhance an environment that will encourage the creation of more and better employment opportunities,” part of his statement reads.

With this, in an effort to address underemployment, unemployment, and other issues in the labor market, President Ferdinand R. Marcos Jr. recently signed into law the Trabaho Para sa Bayan Act.

Along with the Philippine Labor and Employment Plan 2023-2028, Laguesma said the law will also perform an in-depth analysis of the country’s employment situation and labor market, as well as ensuring the effective use of resources by harmonizing and complementing all government activities.

He said that DOLE will continuously strive to promote quality employment, labor rights, and fair salaries.

“We recognize that employment is more than just mere number, it is more importantly about the quality of jobs and the well-being of our employees. Our goal is not just to maintain the current increase in employment rates, but also to raise the standard of living for all Filipinos,” he added.

He further said that DOLE will continue to work with the public and private sector partners to ensure that workforce is competitive and adaptive in a constantly evolving global economy. — (FREEMAN)