TACLOBAN CITY – Eastern Visayas recorded an improvement in its employment rate, reaching 95.7% in July 2024, up from 94.8% in the same period last year.
This increase translates to approximately 1.98 million employed individuals out of the 2.07 million labor force in the region, according to data from the Philippine Statistics Authority (PSA) regional office.
The region saw an additional 109,000 jobs compared to July 2023 but recorded 45,000 fewer employed persons than the 2.03 million in April 2024.
The unemployment rate also showed a significant decrease, dropping to 4.3% in July 2024 from 5.2% in July 2023. This corresponds to 89,000 unemployed individuals, down by 15,000 compared to the previous year. However, this figure is 26,000 higher than the 62,000 unemployed persons recorded in April 2024.
Eastern Visayas posted a Labor Force Participation Rate (LFPR) of 61.9% in July 2024, a slight increase from 59.9% in July 2023. This figure represents 2.07 million people actively participating in the labor force, including both employed and unemployed individuals, out of the 3.35 million population aged 15 and older in the region.
Despite the year-on-year increase, the LFPR dipped slightly from 62.4% in April 2024, indicating 20,000 fewer participants in the labor market.
A noteworthy improvement was observed in the underemployment rate, which fell to 15.9% in July 2024 from 25.1% a year earlier.
This marks a decrease of 9.2 percentage points, translating to 316,000 underemployed individuals in July 2024. Underemployment also dropped from 20.1% in April 2024, reflecting progress in providing more stable and sufficient employment opportunities.
Regional Director Wilma Perante emphasized that the improvements in the labor market reflect ongoing efforts to enhance job quality and economic participation in the region. She also noted that the Labor Force Survey plays a vital role in guiding policymakers by providing critical data on employment trends, labor force participation, and socio-economic conditions.
The results highlight the region’s strides in job generation and reducing unemployment while identifying areas requiring further attention to sustain economic growth and labor market stability.
(LIZBETH ANN A.ABELLA)
