Labor and Employment Secretary Rosalinda Baldoz on Tuesday admitted that overcoming the unemployment problem is “formidable,” especially since the country’s joblessness rate increased to 7.3 percent in July.
Baldoz said that the number of unemployed increased by 155,000 to reach 3.002 million in July compared to the 7.0 percent in 2012 of the same period as reported by the National Statistics Office (NSO). The increase hit the prime working age group of 25 to 54 years old and among college graduates.
“The challenge of overcoming the unemployed Filipinos remain formidable, but we are optimistic about the prospects, particularly about high-quality jobs under a regime of sustained economic growth despite a weak global economy,” Baldoz said.
Based on the results NSO survey, the National Capital Region has the highest unemployment rate at 10.9 percent in July.
Also almost half or 48.9 percent belonged to the age group of 15 to 24 years old and about one-fifth or 21.7 percent of the unemployed were college graduates.
However, the underemployment rate fell to 19.2 percent from a record 22.8 percent in July 2012.
“This brought down the number of unemployed persons to 7.341 million – a reduction of more than a million or -1.224 million from 8.565 million a year ago,” Baldoz said.
“The decrease occurred in all classes of workers and in all but four regions, in Regions 1, 5, 8, and Caraga,” she added.