The country’s employment rate is expected to further improve in the coming months as the demand for the Christmas season will help create more employment, an economist said.
“The pick up in manufacturing and other production activities in preparation for the seasonal increase in demand for the Christmas season could have improved the latest employment data,” Rizal Commercial Banking Corporation chief economist Michael Ricafort said in a Viber message to the Philippine News Agency.
As of August this year, the number of employed Filipinos was estimated at 49.15 million.
The employment rate was at 96 percent, up from the 95.6 percent in the same month last year.
September 2024 employment data will be released by the Philippine Statistics Authority on Wednesday.
“The seasonal increase in hiring [will] help boost employment opportunities in preparation and during holidays especially in the services and retail sectors,” Ricafort said.
“Easing inflation trend would fundamentally help boost economic and other business activities, thereby would also help increase employment.”
Ricafort said the US Fed’s and the Bangko Sentral ng Pilipinas’ move to reduce key interest rates will increase demand for loans, boost new investments and other expansion projects, increase exports and imports, and boost sales and production that will increase employment. (PNA)
