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Job creation too slow to absorb influx of workers — analysts
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BusinessWorld Online
THE unemployment rate rose to 4.9% in June as more workers entered the labor force, but weak economic growth and a contraction in investment suggest the economy is struggling to generate enough jobs to absorb the influx, analysts said.
That suggests that the overwhelming number of Filipino workers suffer from low wages and low productivity,” he told BusinessWorld via Viber.
“Many Filipinos who are technically employed still want more hours, another job, or a better job.
Ana said addressing these weaknesses would require structural transformation, involving reforms across several areas, including macroeconomic policy, industrial and technology policy, agricultural productivity, labor, education, health and institutional strengthening.
The June LFS showed that 6.11 million Filipinos remained underemployed, meaning they wanted additional hours of work or another job.