Where are the jobs?

PHILIPPINES - In Brief 09 Dec 2021 by Romeo Bernardo
The October rounds of the Labor Force Survey (LFS) highlight a key weakness in the economy’s recovery from the pandemic: lack of quality jobs. The impact on household incomes and consumption will hamper the recovery. Between 2019 and 2021, the labor force grew faster than the working age population (6.2% vs. 4.1%). This is likely due to the hundreds of thousands of repatriated overseas workers seeking local employment as deployment opportunities slumped. There may also be those who saw family incomes decline during the pandemic and are now forced to work to make ends meet.The reported unemployment rate has fallen from 8.7% in 2020 to 7.4% in 2021. However, these numbers mask the real extent of joblessness as the share of the underemployed, i.e., those wanting to work more hours, has risen from 14.4% of the employed to 16.1%. Overall joblessness rose from 16.8% in 2019 to 21.9% in 2020 and 22.3% in 2021.Close to four million jobs were created in the year to 2021. However, compared with pre-pandemic (2019), employment increased by only about a third or about 1.3 million jobs. Moreover, the sectoral and occupational jobs breakdowns provide a grim picture of the post-pandemic recovery where news jobs are largely in low-productivity, low-skilled and thus low-wage segments.

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