PBBM push to create job opportunities, reopen economy drove jobless rate back to pre-pandemic level

A business leader believes the opening of the economy and the push of the administration of President Ferdinand R. Marcos Jr. to create more job opportunities pushed the country’s employment rate to pick up.

Employers Confederation of the Philippines (ECOP) president Sergio Ortiz-Luis Jr. made this remark Thursday, saying recovery of the country’s micro industries helped fuel the growth of the economy.

“Kung hindi doon sa pagbubukas ng ekonomiya ay marami, alam mo naman, lalo na iyong mga micro industries natin ay kalahati niyan ay nagsara during the pandemic. 65 percent of employment comes from them. Ngayon, nakikita nating unti-unti na silang nagbubukas, at marami na ang tao na naka-standby ang tinatawag nila,” Ortiz-Luis said in an interview over People’s Television Network (PTV).

Inflation remains manageable, the ECOP president said, and the country remains on the path to economic recovery.

“Well, I will not say out of control iyong inflation, medyo mataas lang pero iyan naman ay manageable pa iyan. At talaga namang on track tayo dahil tuluy-tuloy naman ang paglago ng ating ekonomiya,” said OrtizLuis.

Based on the Philippine Statistics Authority’s (PSA) preliminary results of its latest labor force survey released on Wednesday, the country’s unemployment rate dropped to 4.5 percent in October, lower than the 7.4 percent in October 2021 and 5 percent in September.

President Marcos had said he sees bright prospects for the country’s economy after the unemployment rate dipped in October.

The ECOP president, for his part, cited the need to intensify efforts to address skills mismatch and attract investments that will generate more jobs. kung ano iyong hinahanap ng mga industriya, hinahanap ng mga employers, ay iyon ang hinahanapan natin ng ka-match. So, iyon ang importante,” said Ortiz-Luis.

The recent travels of President Marcos, according to OrtizLuis, paved the way to woo more investors and drive critical investments in a wide range of sectors.

“So, iyong pagbiyahe-biyahe ng Pangulo sa iba’t ibang bansa ay talagang nakaka-attract ng investments iyan,” the ECOP head said.

“Lahat ng mga pledges ay hindi naman nagkakatotoo iyong iba, pero marami rin ay talagang natutuloy at marami riyan ang nagki-create ng jobs. At saka iyong tiwala ng mga international investments sa atin ay tumataas,” Ortiz-Luis pointed out.