Philippines – Unemployment rate falls to lowest in 11 years

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By (Danny Romero)

The jobless rate in the Philippines has fallen to its lowest rate in 11 years with 21.4% unemployed in the quarter ending December 2015, compared to the previous quarter’s rate of 23.7%, according to Social Weather Statistics, a Filipino Statistics and Social Survey Institute.

For the full year of 2015, the average jobless rate was 21.9%, lower than the previous year’s average of 25.4%. This marks the lowest average since 2004’s 15.8% average.

The survey showed that the number of unemployed Filipinos is composed mainly of adults who quit their jobs (9.6% or 4.1 million Filipinos), who were retrenched (8% or 3.4 million Filipinos), and first-time jobseekers (3.6% or 1.5 million). The 8% who were retrenched consisted of 5.2% whose previous contracts were not renewed, 1.6% who were laid off, and 1.3% whose employers closed operations.

Additionally, the rate of unemployed Filipinos also decreased among men and women, compared to the last quarter. Joblessness among men and women went down to 13.8% and 31.4%, respectively (from 15.9% and 33.9 percent in the previous quarter, respectively).

According to the survey, 45% of Filipinos are optimistic that the number of job openings will increase in the 12 months.

Source:: Staffing Industry Analysts Daily Newsfeed

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