There is a positive note in the October LaborĀ Force Survey report of the Philippine Statistical Authority.
Unemployment in industry and services grew 5.2 percent and 4 percent, respectively, compared to October last year.
Underemployment dropped to 15.9 percent ā from 18 percent last year.Ā Underemployment refers to those who are already employed but would like to have additional work or hours of work, so as to haveĀ additional income.
ThereĀ is,Ā however, a negative note as well. EmploymentĀ inĀ agriculture went down 12.1 percent ā or 1.4 million fewer jobs.Ā As a result, the overall employment rate in the country rose from 4.7 percent last year to 5 percent this year.
As a result of all these changes, this nation of 104 million people today has a totalĀ of 43.72 millionĀ people in the active laborĀ force, out of 70.4 million Filipinos at least 15 years old capable of doingĀ work.
This latest reportĀ showsĀ we are steadilyĀ improvingĀ in this key area of the national economy ā employment.Ā TheĀ overallĀ economic pictureĀ is best computed through the Gross Domestic Product (GDP) ā the sum total of all that is produced by the nation, including our overseas Filipino workers.
In recent years,Ā the remittances of OFWs have given a major boost to the economy, along with the Business Process Outsourcing (BPO) industry. These have provided employment to so manyĀ Filipinos who cannotĀ be accommodated in our manufacturingĀ industries, in our tourism and other service establishments, and in our farmlands and fisheries.
It is unfortunate thatĀ agriculturalĀ employment is down in the last October report. Agriculture today is the thirdĀ biggest contributor to the GNP, afterĀ manufacturing and services. But it holds the greatest potentialĀ for growth because ofĀ our vast agricultural lands and favorable climate. AndĀ most ofĀ the Philippine population remains in the rural areas.
In next yearās budget, there is a heavyĀ emphasis on infrastructure under the āBuild, Build, Buildā program of the administration. This will be of special benefitĀ to manufacturing, trade and commerce, and tourism and services.
But we must never lose sight of theĀ vast potential of PhilippineĀ agriculture, both as an engineĀ of the national economy and as source of employment and livelihood forĀ our people. Perhaps afterĀ the building, we can start focusing on planting.