Eastern Visayas has presented a mixed bag of labor market indicators in July 2024, showing improvements in several areas while trailing behind some national averages.
The region's Labor Force Participation Rate (LFPR) reached 61.9%, which reflects a modest increase of 2.0 percentage points from 59.9% in July 2023.
However, this figure represents a slight decline from the 62.4% LFPR recorded in April 2024, signaling fluctuations in the labor force dynamics.
The 2.07 million people actively participating in the labor market out of an estimated population of 3.35 million aged 15 and over indicates a significant portion of the population is either employed or seeking employment.
Despite the improvement in LFPR over the year, Eastern Visayas ranked fourth among the regions with the lowest participation rates, falling short of the national average of 63.5%.
Notably, the Ilocos Region recorded the lowest participation at 60%, while the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) reported the highest at 72.0%.
In terms of employment, July 2024 saw Eastern Visayas achieving an employment rate of 95.7%, which is an increase from 94.8% the previous year.
This translates to approximately 1.98 million employed individuals, marking a rise of about 109,000 from July 2023.
Nevertheless, this figure is lower than the 2.03 million who were employed in April 2024.
The region's employment rate places it seventh among national records, outpacing the national average of 95.3%.
The Cordillera Administrative Region (CAR) reported the highest employment rate at 97.7%, while the National Capital Region (NCR) lagged behind with an employment rate of 93.5%.
On the unemployment front, Eastern Visayas recorded a favorable decrease in the unemployment rate to 4.3% from 5.2% a year prior, equating to about 89,000 unemployed individuals.
This is a reduction from 103,000 unemployed in July 2023, but it is noteworthy that this is an increase from just 62,000 unemployed in April 2024.
The region ranks seventh for the lowest unemployment rates, just below the national average of 4.7%.
CAR once again distinguished itself with the lowest unemployment rate at 2.3%, while NCR noted the highest at 6.5%.
The underemployment rate, indicating workers who desire additional hours or jobs, was noted at 15.9% in July 2024, a significant decrease of 9.2 percentage points from 25.1% in July 2023.
This figure also decreased from the 20.1% underemployment rate in April 2024.
Eastern Visayas ranks sixth in terms of underemployment, higher than the national average of 12.1%. SOCCSKSARGEN has the highest underemployment at 29.3%, while Davao Region recorded the lowest rate at 3.7%.
Overall, while Eastern Visayas has made notable strides in improving its employment landscape, challenges remain, particularly in participation rates.
Continued focus on workforce engagement and underemployment will be key to fostering sustained economic growth and enhancing livelihoods in the region.
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