According to the October 2023 survey by the Philippine Statistics Authority (PSA), the Davao Region exhibited positive economic indicators. The unemployment rate dropped to 2.9 percent, showing a decline from 3.5 percent in both October 2022 and July 2023 labor force surveys. Concurrently, the employment rate rose to 97.1 percent, surpassing the figures from October 2022 and July 2023, which were 96.5 percent.
The Labor Force Participation Rate (LFPR) in the region also observed an increase, reaching 63.9 percent in October 2023. This represents 2.42 million Davaoeños aged 15 and above either employed or unemployed. Notably, the LFPR in October 2023 surpassed the rates reported in October 2022 (62.1 percent) and July 2023 (59 percent).
In terms of the actual numbers, the unemployed persons in October 2023 were estimated at 70,000, reflecting a decrease of 11,000 from the 81,000 reported in October 2022. The decline in unemployment continued from July 2023, when 78,000 were unemployed. Out of over two million survey participants, 97.1 percent or 2,345,000 Davaoeños were employed.
Moreover, the underemployment rate in October 2023 was 7.3 percent, with 171,000 individuals expressing a desire for additional work. This indicates a reduction from the rates reported in October 2022 (7.8 percent) and July 2023 (13.8 percent).
“These statistics suggest positive trends in employment and labor force dynamics in Davao Region. This aligns with our efforts to promote and sustain a thriving job market, contributing to the overall well-being of our workforce. We remain committed to fostering a conducive environment for employment opportunities, encouraging further growth and prosperity in Davao Region through our various employment promotion, regulation, and facilitation programs and services,” said Regional Director Atty. Randolf C. Pensoy.
The Labor Force Survey (LFS) is a standard nationwide household survey carried out by the PSA, systematically collecting information on the demographic and socio-economic attributes of the populace. Its focus is on estimating the employment levels in the country, offering a quantitative foundation for shaping plans and policies that influence the labor market. PR