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Economic team focuses on job generation plans

Chief Presidential Legal Counsel Salvador Panelo yesterday expressed confidence that the “three-pronged strategy” crafted by the country’s economic team would generate more job opportunities in the country.

To address unemployment, Panelo said the country’s economic managers have come up with strategies to accelerate job creation.

These strategies, he said, are the safe reopening of the economy, the full implementation of the recovery package, and the timely implementation of the Covid-19 vaccine program.

About four million adult Filipinos were left jobless in January this year despite the gradual reopening of the Philippine economy amid the Covid-19 pandemic.

Unemployment worsened to 8.7 percent in January from 5.3 percent in the same month last year, according to the preliminary results of the Philippine Statistics Authority’s labor force survey released on Tuesday.

Panelo said further easing of restrictions amid the pandemic would allow more people to return to work.

“Despite the pandemic, our country is gradually returning to normalcy because those who lost their jobs are now able to return to work,” he said.

Citing the latest labor force survey data released by the National Economic and Development Authority, Panelo noted that about 1.4 million jobs lost due to the pandemic have been restored.

He added that the unemployment rate decreased from 12.4 percent to 8.8 percent last January.

“‘The employers in the country are looking for ways to handle the crisis and save their businesses, as well as help their employees recover,” Panelo said.

He also cited the Salary Budget Planning Report of global advisory, broking, and solutions firm Willis Towers Watson, which revealed that workers in the Philippines are projected to have an average increase of 5.6 percent in their salary this year.*PNA

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