(File photo)
MANILA – Economic managers further highlighted the need for the safe reopening of the economy, limiting movement restrictions to granular lockdowns, and fast-tracking of the inoculation program to allow more people to work and boost economic recovery.
This, after the Philippine Statistics Authority (PSA) reported on Thursday the increase in labor force participation last August to 63.6 percent from the previous month’s 59.8 percent after around 2.6 million people were able to find work in the eighth month of this year.
“This brings employment back up to 1.7 million above pre-pandemic levels. Moreover, the underemployment rate substantially decreased to 14.7 percent from 20.9 percent, given improving job conditions,” the statement said.
The statement said the agriculture sector led the rise in employment growth last August after a rise of around 1.9 million, a turnaround from losing 1.8 million jobs in the previous month.
The wholesale and retail trade sector followed with an increase of 1 million jobs as well as the manufacturing sector with additional 200,000 jobs.
Amidst the rise in the number of Filipinos who found jobs last August, the unemployment rate rose to 8.1 percent last August from the previous month’s 6.9 percent.
“This result is expected, given the stricter quarantine imposed to curb the spread of the delta variant,” the statement said.
The education sector posted the biggest job loss at 200,000 but the statement said this is seen to be addressed by the move to start pilot face-to-face classes in low-risk areas.
Citing recent data on the coronavirus disease 2019 (Covid-19), the statement said the seven-day moving average declined by around 15 percent since hitting its peak on Sept. 11, 2021.
“This trend will support the further reopening of the economy and the use of granular lockdowns to allow the majority to return to work and earn a living,” it said.
Along with the rise in the number of Filipinos getting their vaccines against Covid-19, the arrival of additional vaccines, and the inclusion of more people in the inoculation program economic managers cited the importance of “pursuing structural reforms to provide the country with stronger foundations.”
These reforms include the urgent passage of the economic liberalization bills, especially the amendments to the Public Service Act, and the relaxation of foreign ownership on the telecommunications and transports sector.
“We remain optimistic that our country will be able to recover to our pre-pandemic growth trajectory by the end of 2022 or early 2023 through the accelerated implementation of our recovery program and these pivotal reforms,” the statement added. (PNA)
