DOF's Diokno says PH employment situation 'bright'

Finance Secretary Benjamin Diokno presents the Department of Finance’s proposed budget for 2024 before the Finance Subcommittee A Monday, October 2, 2023. Joseph Vidal/Senate PRIB

Finance Secretary Benjamin Diokno expressed belief Monday that the employment situation in the Philippines has been bright, saying the quality of employment in the country has improved.

“Iyong employment situation (Our employment situation) natin really is also very bright ‘no. Ang unemployment natin ngayon (Our unemployment right now) at the moment is 4.5 percent – mababa na iyon (that’s low) compared sa (to) other years and in fact, it’s lower than what is in the medium-term economic program ni (of the) Presidente,” Diokno said.

”And also the quality of employment has improved ‘no. Iyong dati na tinatawag na underemployment rate – ano ba ang ibig sabihin ng underemployment rate (what’s the meaning of underemployment rate)?” Diokno added.

Diokno also said that if a person has a job, he or she would no longer feel the projected two to four percent inflation rate in the first quarter of 2024.

“May trabaho ka na, pero tatanungin ka, are you looking for a better job? Kapag sinabi mong yes, underemployed ka. That used to be 26%, ngayon lowest even 10.4%. So, gumanda na iyong employment situation, iyan ang makakatulong sa mga kababayan natin,” Diokno said.

(You have a job and if you’ll be asked, are you looking for a better job? If you say that you have a job, you are underemployed. That used to be 26%, but now it’s 10.4%. So, the employment situation has improved. That will help our fellow countrymen.)

”Kung may trabaho ka, hindi mo na masyadong mapapansin iyong 2 to 4% na inflation, ‘di ba? Kasi may trabaho ka naman eh, ‘di ba?” she added.

(If you have a job, you’ll no longer notice the 2 to 4% inflation because you have a job.)

Results of the Labor Force Survey (LFS) for August showed the number of employed persons increased, but employment data indicated that the quality of jobs were low.

Results of the LFS showed that employed Filipinos increased to 48.07 million, up from 44.63 million in July and also higher than the 47.87 million persons with jobs or livelihoods in August 2022.

This translated to an employment rate of 95.6%, higher than the 95.2% rate in July and the 94.7% in the same period last year. — RSJ, GMA Integrated News

This article DOF’s Diokno says PH employment situation ‘bright’ was originally published in GMA News Online.