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Saturday, September 10, 2016

RISING EMPLOYMENT RATE AND PLUNGING UNEMPLOYMENT RATE; TIME FOR OFW'S TO COME HOME?

RISING EMPLOYMENT RATE AND PLUNGING UNEMPLOYMENT RATE;A GOOD INDICATION FOR OFWs TO COME BACK HOME TO THE PHILIPPINES FOR GOOD?
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The main reason why Filipinos are working abroad is the lack of job opportunities that can sustain their family.By working overseas,they are having access to wider opportunities to show and develop their skills while providing the needs of their family  and securing their  future with a stable source of income.But the cost is not cheap.Most of the OFWs suffer homesickness.Some of them loses relationships,marriage,in some cases losing their sanity and worst,their lives.


The latest economic trend evidently shows stability in the labor sector.In July the employment rate reached 94.6%,up by 1.1% points from last years 93.5% according to the Philippine Statistics Authority's preliminary data.That figure is translated to  41 million employed Filipinos as noted by National Economic And Development Authority (NEDA) in a separate statement.
The country's total labor force ranging from 15 years old and above has reached to 68.436 million.



“Our growing economy, which is largely driven by output expansion in the services and industry sectors, has created more and better jobs,”  NEDA Director-General and Socioeconomic Planning Secretary Ernesto M. Pernia said.

The unemployment rate,on the other hand, has plunged to 5.4 % in July,that is 1.1% from last year's 6.5%.
“The unemployment rate in July 2016, the lowest recorded for all July rounds in the past decade, increases the likelihood of achieving the Philippine Development Plan target of 6.5 to 6.7 percent for 2016,” Pernia noted.
However,underemployment rate also went down to 17.3% from 21.0% last year.
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The PSA defines underemployed as "... persons who express the desire to have additional hours of work in their present job, or to have additional job, or to have a new job with longer working hours." It is a percentage from the total number of employed individuals.
The vibrant labor market is a reflection of the growing Gross Domestic Product (GDP) according to NEDA.
"With faster and improved quality of economic growth, the Philippine labor market continues to show vibrancy as unemployment and underemployment rates fell in July 2016." NEDA added.

The Duterte administration has  promising means of eliminating unemployment by suspending age discrimination and "endo" system,giving opportunities to more able men and women who are still willing to work regardless of their age.

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TESDA is also conducting trainings,targeting the out of school youths, and recently even the drug-dependents,equipping them with  training and skills that can be used to find high paying jobs here and abroad.
If the government will sustain the momentum of economic growth,more jobs will be created  and the Filipinos will no longer need to work abroad.Even the OFWs may consider going back home for good.


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