Unemployment drops in CV

By Mia A. Aznar

Wednesday, September 11, 2013

WHILE unemployment in the Philippines rose to 7.3 percent in July, this was not the case for Central Visayas.

Preliminary results from the July round of the Labor Force Survey showed Central Visayas’ unemployment rate dropping from 7.1 percent in July 2012 to 6.5 percent in July this year.

The actual unemployment numbers this year were at 209,000, down 5.85 percent from the 222,000 in 2012.

The last survey done in April showed an unemployment rate of 6.4 percent while in January, it was at 7.4 percent.

The region’s employment rate also rose from 93.9 percent in July 2012 to 93.5 for the same period this year. The employed in Central Visayas number 2.993 million, up 3.5 percent from the previous year’s 2.8 million. In April, Central Visayas had an employment rate of 93.6 percent while in January, it was at 92.6 percent.

While employment and unemployment rates had slight changes, underemployment in the region posted high changes. Underemployment dropped 40.9 percent from 618,000 to 365,000, placing the region’s underemployment rate for July, 12.2 percent. In April, it was at 15.5 percent while in January, it was at 19.4 percent.

In 2012, the average underemployment rate was at a higher 20.7 percent.

Central Visayas consists of the provinces of Cebu, Bohol, Negros Oriental and Siquijor. As of July, the four provinces had 4.9 million people aged 15 years old and over, rising 2.1 percent from the 4.79 million the year before.

The region’s labor force, or the actual number of people available for work, is at 3.2 million, up 2.8 percent from 3.1 million previously.

For the rest of the country, unemployment rose 7.3 percent, although Socioeconomic Planning Secretary Arsenio Balisacan said that while the increase is contrary to expectations, it is not so unusual for an emerging economy’s employment to experience volatility. He said the workers shift from one job to another while others wait for better opportunities.

The Philippines’ employment rate was at 92.7 percent while its underemployment rate was at 19.2 percent.