Malacañang on Thursday welcomed the results of the latest round of the Labor Force Survey conducted by the Philippine Statistics Authority (PSA), which showed another decline in unemployment.
In a statement, Presidential Spokesperson Edwin Lacierda noted that from 6 percent in October 2014, the unemployment rate further decreased to 5.7 percent, which is the lowest figure recorded in the past decade.
“We are pleased to announce that the latest round of the Labor Force Survey, as released today by the Philippine Statistics Authority (PSA), registered another decline in unemployment. From 6.0 percent in October 2014, the unemployment rate further dropped to 5.7 percent—the lowest figure recorded in the past decade,” the Palace official said.
According to Lacierda, this serves as an indication of our economy’s robust growth, coupled with an improvement in employment and a decrease in underemployment.
“Our employment rate is currently estimated at 94.3 percent—an increase from last year’s 94.0 percent—while underemployment decreased to 17.6 percent from 18.7 percent in October 2014,” he added.
Secretary Lacierda said that according to the PSA report, employment growth was led by the services and industry sectors, which hired additional 440,000 and 169,000 workers, respectively over the past year.
“The report also indicates that our youth unemployment rate decreased to 13.6 percent from 14.2 percent in October 2014, and that this decline in the number of unemployed was recorded across all educational levels,” he Lacierda. “In the interest of comparability, the above figures exclude data from the province of Leyte. Due to the devastation caused by Typhoon Yolanda, Leyte was not included in the October 2014 round of the Labor Force Survey.”
Lacierda attributed the results of the October 2015 labor force survey to the Aquino administration’s Daang Matuwid platform that seeks to translate good governance into good economics.
“This encouraging report once again reflects the positive fruits of Daang Matuwid. Indeed, a government that invests in its people is bound to reap rewards for future generations. By pursuing policies and programs that widen opportunities for our citizens, the administration lays the foundation for a better future marked by increased access to education and health services,” he said.
Given all these improvements, Lacierda that Palace trusts the Filipino people will make the right choice in next year’s referendum and will vote for “continuity, prosperity, and inclusivity—an accelerated Daang Matuwid.” (PCOO/PND)