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Philippines unemployment rate fell to 4.7 percent in the fourth quarter of 2016 from 5.4 percent in
the September quarter. It was the lowest figure on record, as the number of unemployed declined to
2,040 persons from 2,335 in the previous period while the number of employed went up to 41,664
from 40,974. Meanwhile, the labor force participation rate increased to 63.6 percent from a 63.3 in
the preceding three months. Among employed persons, workers in the services sector made up 54.9
percent of the total, followed by those in the agriculture sector (27.9 percent) and industry (17.2
percent). Unemployment Rate in Philippines averaged 8.63 percent from 1994 until 2016, reaching
an all time high of 13.90 percent in the first quarter of 2000 and a record low of 4.70 percent in the
fourth quarter of 2016.
Calendar
2016-06-09
2016-09-09
2016-12-13
2017-03-11
2017-06-09
2017-09-09
Philippines Labour
Unemployment Rate
Employed Persons
Unemployed Persons
Labor Force Participation
Rate
Job Vacancies
GMT
02:00 AM
01:00 AM
02:30 AM
01:00 AM
02:00 AM
01:00 AM
Q2
Q3
Q4
Q1
Q2
Q3
6.1%
5.4%
4.7%
Last
Previous Highest
5.8%
6.1%
5.4%
4.7%
Forecast
5.6%
5.9%
5.1%
Lowest Unit
4.70
5.40
13.90
4.70
percent
[+]
41664.00 40974.00 41664.00 18567.00 Thousand [+]
2040.00 2335.00 4989.00 1720.00 Thousand [+]
63.30
63.60
71.50
62.90
percent
[+]
[+]
Calendar
GMT
Wages
8280.00
7995.00
8280.00
Wages in Manufacturing
1072.65
1406.07
1519.25
Population
Employment Rate
102.20
94.60
100.50
93.90
102.20
94.60
Forecast
Actual
4.70
Previous
5.40
Highest Lowest
13.90
4.70
Dates
1994 - 2016
Related
Philippines Trade Deficit Largest in 6 Months in October
Philippines Inflation Rate at-21 Month High of 2.5%
Philippines Economy Expands 1.2% QoQ in Q3
Philippines GDP Growth Beats Expectations in Q3
Philippines Leaves Rates on Hold; Raises Inflation Forecasts
Philippines Trade Gap Narrows to 6-Month Low in September
Philippines Inflation Rates Steady at 2.3% in October
Philippines Trade Deficit Widens in August
Philippines Inflation Rate at 18-Month High of 2.3%
Philippines Holds Key Rate at 3%
Philippines Trade Deficit Widens in July
Philippines Inflation Rate Eases to 1.8% in August
Philippines Trade Deficit Widens in June
Philippines Economy Grows 1.8% QoQ in Q2
Philippines GDP Growth Strongest in 3 Years
Philippines Holds Key Rate at 3%
Philippines Inflation Rate Steady at 1.9% YoY in July
Philippines Trade Balance Swings to Deficit in May
Philippines Inflation Rate at 14-Month High
Philippines Trade Deficit Largest in 3 Months
Unit
percent
Frequency
Quarterly
Latest
US Government Posts $137 Billion Deficit In November
Russia Trade Surplus Below Expectations In October
Turkish GDP Shrinks More Than Expected In Q3
US Consumer Sentiment Rises To Nearly 2-Year High
Irish GDP Expands 4% in Q3, Beats Forecast
Brazil Inflation Rate Falls To Nearly 2-Year Low
UK Trade Deficit Narrows Sharply As Exports Jump 4.6%
Swiss Jobless Rate Rises To 7-Month High
German Trade Surplus Narrows to 9-Month Low in October
Philippines Trade Deficit Largest in 6 Months in October
China Inflation Rate Rises to 7-Month High in November
Mexico Inflation Rate At 2-Year High of 3.3% In November
Irish Deflation Eases In November
US Jobless Claims Decline From 5-Month High To 258K
ECB Extends QE Until December 2017
Tanzania Inflation Rate Rises To 4.8% YoY In November
Greek Jobless Rate Falls To Lowest Level Since March 2012
China Trade Surplus Narrows in November
Australia Trade Deficit Widens in October
Japan GDP Growth Revised Down to 0.3% in Q3
High and persistent unemployment, could cause economic inequality to increase, resulting
in a negative effect on subsequent long-run economic growth possibly leading to poverty
and/or low(er) standards of living.
Unemployment can harm growth not only because it is a waste of resources, but also
because it generates redistributive pressures and subsequent distortions, drives people to
poverty, constrains liquidity limiting labor mobility, and erodes self-esteem promoting social
dislocation, unrest and conflict.
Possible Solutions: Demand-Side
#1: Many countries aid the unemployed through social welfare programs. These
unemployment benefits include unemployment insurance, unemployment compensation,
welfare and subsidies to aid in retraining.
The main goal of these programs is to alleviate short-term hardships and, more importantly,
to allow workers more time to search for a job. A direct demand-side solution to
unemployment is government-funded employment of the able-bodied poor.
#2: According to classical economic theory, markets reach equilibrium where supply equals
demand; everyone who wants to sell at the market price can. Those who do not want to sell
at this price do not; in the labour market this is classical unemployment. Increases in the
demand for labour will move the economy along the demand curve, increasing wages and
employment. The demand for labour in an economy is derived from the demand for goods
and services.
As such, if the demand for goods and services in the economy increases, the demand for
labour will increase, increasing employment and wages. Monetary policy and fiscal policy
can both be used to increase short-term growth in the economy, increasing the demand for
labour and decreasing unemployment.
Possible Solutions: Supply-Side
Advocates of supply-side policies believe policies can solve this by making the labour market
more flexible.
#1: Removing the minimum wage and reducing the power of unions. These reforms can
increase long-term growth. The increased supply of goods and services requires more
workers, thus increasing employment.
#2: Cutting taxes on businesses and reducing regulation can create jobs and reduce
unemployment.
#3: Education to make workers more attractive to employers.
While the demand-side solutions can be put in place until the effects of long-term solutions
take their standing, Philippines has to bear in mind that these solutions are purely shortterm.
The government should instead, also consider structural reforms that will make it conducive
for investors to put money in factories and brick-and-mortar industries.
Economic growth during the past years had been fueled by the service sector, mainly the
business process outsourcing industry.
According to the ADB, the industrial sector, compared with the service sector, has the better
ability to create more job opportunities for the poor and a much higher multiplier effect on
the economy.
In this case, supply-side solutions would be more effective, and I suggest more government
support for the industrial sector through investments in education, skills training and
infrastructure to achieve inclusive economic growth.
Application to the Philippines
THANK YOU FOR LISTENING *v*
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