TACLOBAN CITY – The Philippine Statistics Authority (PSA) reported that the employment rate in Eastern Visayas increased to 96.9 percent in October 2024, up from 95.8 percent in October 2023.
According to PSA data, this employment rate translates to 2.07 million employed persons out of the 2.13 million persons in the labor force in October 2024.
The number of employed individuals in October 2024 was higher by approximately 56,000 compared to the 2.01 million employed persons in October 2023.
This figure also showed an increase of 84,000 from the 1.98 million employed persons recorded in July 2024.
The PSA also reported that the Labor Force Participation Rate (LFPR) in Eastern Visayas stood at 63.6 percent in October 2024.
This translates to 2.13 million persons who were either employed or unemployed out of the 3.36 million population aged 15 years and over.
The October 2024 LFPR remained the same as that recorded in October 2023 but was 1.7 percentage points higher than the 61.9 percent registered in July 2024.
The LFPR in July 2024 corresponded to 2.07 million persons, while that in October 2023 was equivalent to 2.10 million persons in the labor force of Eastern Visayas.
Underemployment, which refers to employed persons who expressed the desire for additional hours of work in their present job, an additional job, or a new job with longer working hours, was reported at 12.6 percent in October 2024.
This represents approximately 261,000 underemployed persons out of the 2.07 million employed individuals. The 12.6 percent underemployment rate in October 2024 was lower by 7.2 percentage points than the 19.8 percent recorded in October 2023 and also decreased by 3.3 percentage points from the 15.9 percent registered in July 2024.
The unemployment rate in Eastern Visayas dropped to 3.1 percent in October 2024 from 4.2 percent in October 2023, according to PSA data.
This translates to 65,000 unemployed persons out of the 2.13 million persons in the labor force in October 2024. The number of unemployed persons in October 2024 was 23,000 lower compared to the 89,000 unemployed persons recorded in both October 2023 and July 2024.
The PSA report highlights the improvement in employment conditions in Eastern Visayas, with a higher employment rate and lower underemployment and unemployment rates compared to the previous year and quarter.
(LIZBETH ANN A. ABELLA)
