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Freeman Cebu Business

NEDA-7 sees jobs market recovery until end of 2021

Ehda M. Dagooc - The Freeman

CEBU, Philippines —  The National Economic and Development Authority (NEDA-7) expects further increase in employment opportunities for the rest of the 2021.

NEDA-7 assistant regional director Dolores J. Molintas said in her report that employment opportunities are expected to improve in the coming months as many companies are anticipated to step up and expand capacity utilization, especially with the continued vaccine rollout.

Meanwhile, as of April 2021, Central Visayas posted the highest underemployment rate inching to 20.8 percent, the highest recorded in past two years.

The same NEDA-7 report stated that the rise in the number of people looking for work even as many companies continue to operate below full capacity could have contributed to the surge in the underemployment rate.

“For many, the need for immediate work or to earn to meet basic needs compelled them to accept part time work or to work for lesser pay,” the NEDA-7 report explained.

Many companies also reported of continuous implement flexible work arrangements that included reduction of workdays/hours, rotation days/hours, rotation of employees, and forced leaves, thus underemployment rose particularly in April this year.

In January 2021, underemployment recorded at 13.2 percent.

Underemployment is the term used to designate the situation of those who are able to find employment only for shorter than normal periods—part-time workers, seasonal workers, or day or casual workers.

Likewise, unemployment eased further in January 2021 but slightly rose in April.

The uptick could be attributed to the rise in the number of people joining the labor force or looking for work but which was not matched by plentiful jobs as many companies continue to operate below full capacity or to be sidelined on the back of persistent quarantine restrictions.

An additional 648 thousand people joined the labor force from January to April 2021, more than half of them in April as optimism of the prospects of the regional economy grew.

Unemployment refers to individuals who are employable and actively seeking a job but are unable to find a job.

NEDA
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