The Philippine Statistics Authority reports that employment in the country grew by 2.8 percent to 37.5 million from 36.4 million in the same period last year, meaning 1.04 million Filipinos were employed from January 2014 to January 2015. In contrast, only 281,000 jobs generated in the previous period January 2013 to January 2014.
Services sector was the main contributor in the latest employment data, generating 766,000 net employment. “The labor market got a boost from a stronger growth in all sectors mainly driven by services which grew by 3.9 percent, contributing a 766,000 net employment gain in January 2015,” said Economic Planning Secretary Arsenio M. Balisacan.
“With employment growing faster at 2.8 percent compared to the labor force growth of 1.8 percent and partly due to the stronger growth of services employment, the number of unemployed went down by 334,000 to 2.6 million during the period,” Balisacan added.
Moreover, underemployment, which refers to those who are working but wanted more work, went down to 17.5 percent from 19.5 percent a year ago. This means reduction in the number of underemployed workers to 6.5 million in January 2015 from about 7.1 million a year ago.