Improving Labor Market to Bolster Economic Growth in 2012 - NEDA

Article excerpt

MANILA, Philippines - The improving performance of the labor market in 2011 is expected to bolster the optimism for a better economy this year.

Socio-economic Planning Sec. Cayetano Paderanga, Jr. stressed that the country generated more employment in 2011 compared to the previous year.

Employment level rose by 3.2 percent or 1.156 million, largely on the strength of the continued growth in services and the recovery in agriculture, although there was a slowdown in the industry sector," said Paderanga.

The quality of employment remained positive last year, with strong growth in wage and salary employment (4.6%), modest growth in full-time employment (1.5%), and slight easing of the unemployment rate from 7.3% in 2010 to 7.0% in 2011, despite the increase in the labor force participation rate to 64.6%.

Paderanga said that the figures were taken from the results of the quarterly Labor Force Survey (LFS), which complies with international standards and guidelines prescribed by the United Nation's International Labor Office.

When asked why the Philippines has a better unemployment figure compared to the United States, which has an unemployment rate of 8. …