The country's unemployment rate in October declined to 7.4%, according to the Philippine Statistics Authority (PSA), the third-lowest reported in 2021.
Citing the latest Labor Force Survey, the PSA said October's unemployment figures recorded the third-lowest after the 6.9% in July and the 7.1% in March.
Overall, the labor force participation rate in October was around 62.6%, which is around 47.33 million Filipinos who are either employed or unemployed.
The employment rate increased in October to 92.6%, said the PSA, with the number of employed people at 43.83 million Filipinos.
"By broad industry group, the services sector continued to dominate the employment market having the largest share of employed persons of about 57.6%. The agriculture and the industry sectors accounted for 24.6% and 17.8% of the employed persons, respectively," the PSA said in a statement.
Meanwhile, the top five major industries that reported the highest increase on the number of employed people from July to October are the following:
- Agriculture and forestry (1.35 million)
- Wholesale and retail trade, repair of motor and motorcycles (1.20 million);
- Fishing and aquaculture (234,000);
- Public administration and defense; compulsory social security. (102,000);
- Human health and social work activities (84,000)
Alan Tanjusay, spokesperson of the Associated Labor Unions - Trade Union Congress of the Philippines, said they welcome the results of the latest Labor Force Survey.
"Magandang balita yan dahil ibig sabihin niyan may trabaho 'yung mga marami sa mga kababayan nating nawalan ng trabaho dati," he told DZRH in an interview.
(That is good news because that means many of those who lost their jobs before are now employed.)
"At maganda yan dahil papunta tayo sa Pasko, papunta tayo sa Christmas season at good news para sa ating lahat."
(And that is good because we are heading to the Christmas season and that is good news for everyone.)
Tanjusay, based on the feedback they received, attributed the higher number of employed people to the upcoming elections and the manufacturing sector hiring more people.
"Kaya tumaas yung dami ng employment rate natin ay dahil maraming mga kandidato sa eleksyon ang kumuha ng mga manggagawa nila," he said.
(The reason why the employment rate increased is that many election candidates have begun hiring employees.)
"At higit sa lahat, maraming mga kumpanya, lalo na sa manufacturing, ang kumuha ng mga manggagawa para mag-produce ng produckto na maibebenta nila ngayong Pasko," he continued.
(Many companies, especially in manufacturing, are also hiring employees to produce products that they can sell this Christmas.)
The growing number of vaccinated workers also helped the figures as well, the spokesperson added, urging the government to continue vaccination days and entertaining walk-in vaccinees.
"Sana ay magtuloy-tuloy pa yung vaccination days at mag-entertain ng mga walk in na magpapabakuna," he said.
(We hope the vaccination days can continue and that walk-ins can be entertained.)
The country's national vaccination drive last week posted a huge success, according to the Department of Health, with another inoculation drive set for December 15 to 17.
