Region 7 unemployment down-A A +A
By Mia A. Aznar
Sunday, January 5, 2014
UNEMPLOYMENT in Central Visayas vastly improved in October, dropping 23.64 percent, the latest round of the Labor Force Survey showed.
From an unemployment rate of 6.5 percent in July, the regionâ€™s unemployment rate dropped to 4.9 percent. It was also lower than the previous yearâ€™s 6.5 percent.
Central Visayas, which covers the provinces of Cebu, Bohol, Negros Oriental and Siquijor, has 3.15 million people available for work and a labor force participation rate of 64.5 percent. Its household population of 15 years old and over was at 4.9 million.
The region also did favorably against national figures, which had a 6.5 percent unemployment rate, although the Bureau of Labor and Employment Statistics stated that the estimates for October 2013 excluded the province of Leyte, which was ravaged by typhoon Yolanda, affecting data collection.
From 209,000 unemployed in July, the region registered 155,000 unemployed persons in October.
Central Visayas had over three million people employed, but 409,000 of them were considered underemployed. Its employment rate was at 95.1 percent, up from 93.5 percent in July and October the previous year. The underemployment rate increased to 13.6 percent from 12.2 percent in July.
Still, it is much lower than the previous yearâ€™s 18.5 percent.
The Philippines logged an unemployment rate of 6.5 percent for its 2.6 million unemployed people, dropping slightly from 6.8 percent of 2012.
Employment rate was at 93.5 percent for the 37.7 million persons employed, a slight increase from the previous yearâ€™s 93.2 percent. Its underemployment figures also improved, from 19 percent in 2012 to 17.9 percent in 2013. There were 6.7 million underemployed workers last year, a drop of 5.4 percent from the 7.1 million in 2012.
In earlier briefings, socio-economic planning Secretary Arsenio Balisacan said the quick hiring of the services and industry sectors, particularly in wholesale and retail trade, led to the improvement in employment figures.
Published in the Sun.Star Cebu newspaper on January 06, 2014.