PH unemployment, underemployment rates dip — NEDA

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Metro Manila (CNN Philippines, May 21) — The country's employment scenario is on the up and up, according to the National Economic and Development Authority (NEDA).

It said the country's vibrant economy is producing more and better jobs.

At a press briefing Monday, NEDA Director for National Policy and Planning Staff Reynaldo Cancio reported that from 2006 until 2016, unemployment and underemployment rates have declined.

NEDA data showed that even the poorest regions in the country, like the Autonomous Region in Muslim Mindanao and Eastern Visayas recorded a drop in unemployment.

"The main driver is the stronger the economy, particularly the structured change in economy where industries now are growing much faster than before, and are expected to grow more, creating more jobs," said Cancio.

He added, "What's interesting is despite the shift of employment from agriculture to industry is that labor productivity in industry in services is still rising."

Cancio said more young people have found jobs. However, he said unemployment remains relatively high among high school and college graduates.

Unemployment refers to persons without work for pay or profit, who are seeking and available to start working for pay or profit, while underemployment exists when employed persons have not attained their full employment level, according to the International Labor Organization.

In January, the Social Weather Stations said the country hit its lowest unemployment numbers since 2004.

In its fourth quarter survey, the Social Weather Stations (SWS) said 15.7 percent or 7.2 million adults were jobless in December 2017, the lowest rate in 13 years.