By Francis Allan L. Angelo
The Philippine Statistics Authority (PSA) reported an upturn in the employment rate for Western Visayas, registering a 2.1 percentage point increase to 96.5 percent in January 2024 compared to the same month in the previous year.
This notable rise is in the context of a slight decrease in labor force participation, which dipped from 63.8 percent in January 2023 to 61.9 percent in January 2024.
Nonetheless, the employed population in the region saw an increase, from 3,366,000 in January 2023 to 3,566,000 in January 2024, indicating robust job market conditions.
While employment saw growth, underemployment also saw an uptick, suggesting that while more individuals are working, there remains a desire among workers to secure additional hours or more gainful employment.
Underemployment stood at 13.0 percent at the beginning of 2024.
The PSA’s findings are also based on the 2015 POPCEN-based Population Projection, and while preliminary, they provide critical insight into the regional economy’s resilience and the effectiveness of policies aimed at job creation and labor market stability.
OCTOBER 2023 NUMBERS
In another press release dated April 3, 2024, the PSA announced an increase in the labor force participation rate and employment rate for Western Visayas as of October 2023.
The labor force participation rate was 62.7 percent, representing 3,538,000 individuals of the 5,642,000 persons aged 15 and over.
The region experienced a rise in the employment rate, hitting 96.6 percent, up from 94.9 percent in the previous year. This translates to an increase of 34,000 employed persons from October 2022 and a significant jump of 128,000 from July 2023.
Meanwhile, underemployment in October 2023 saw a slight decrease to 14.8 percent from 15.3 percent in the previous year, accounting for 506,000 of the employed population. This drop suggests a trend toward fuller employment situations for those currently working.
The unemployment rate in October 2023 also saw a notable decrease to 3.4 percent, down from 5.1 percent in October 2022, marking a reduction in the number of unemployed persons by 62,000 year-over-year.
These figures suggest a strengthening economy in Western Visayas, with the labor market showing robustness in rebounding from any mid-year dips in employment and maintaining a positive trajectory.
The data indicate concerted efforts from both public and private sectors to enhance job opportunities and stabilize employment conditions in the region.
