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Saturday, September 7, 2024 Vol. 19 No. 326
NCR LOST MOST JOBS, n
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HAD FEWEST NEW ONES M By Cai U. Ordinario
CUSTODY BATTLE?
ETRO Manila, the nation’s economic and political center, lost the most jobs and created the least employment in July 2024, according to the latest data from the Philippine Statistics Authority (PSA).
Mapa noted that 1.02 million youth, or those aged 15 to 24 years old, accounted for 43 percent of the total unemployed, which was at 2.38 million. However, Mapa said things could improve starting this September, as it is the unofficial start of the Christmas season in the Philippines. The “ber” months could lead to the rise in jobs. “These are the new entrants in the labor market who were not absorbed in our labor market for employment. But we are seeing, as we saw in previous years, that there is often a rise in employment—both labor force participation and in employment—as the holiday season approaches,” Mapa said. The data also showed a decline in the country’s labor force, which was
BM GRAPHICS/ED DAVAD
With this, the number of jobless Filipinos increased to 2.38 million in July 2024. This represented a yearon-year increase of 86,000 workers and an increase of 334,000 workers in April 2024. While 47.7 million Filipinos were employed in July 2024 and this was 3.14 million higher than July 2023, this represented a 657,000 reduction in jobs compared to April 2024. “So one of the reasons is the increase in the number of our unemployed youth. That contributed to the numbers,” National Statistician Claire Dennis S. Mapa said, noting that since it was already July, they would have graduated, and entered the labor market, “and some of them were unable to land jobs.”
AGRI GROUP SINAG: SLOWER AUG RICE INFLATION DID NOT MEAN LOWER PRICES
After weeks of hiding, dismissed Bamban mayor Alice Guo was finally brought home past midnight Friday and taken into custody by the Philippine National Police after being processed by immigration and health authorities. Senate probers, however, are disputing what they deemed a sudden deviation from original plans to hold her in the Senate, which issued the original arrest warrant— for contempt—against Guo. Story in A4 News. NONIE REYES
pegged at 50.07 million in July 2024. The July 2024 figure was 3.23 million higher than the 46.85 million posted in July last year, but was 323,000 less compared to the 50.4 million posted in April 2024. Mapa said the top reasons for the decrease in the labor force were household family duties, which was cited by 897,000 workers who opted out of the labor force. Another reason was schooling— the reason cited by 700,000 workers to not look for any job or not be available for work in July 2024. Nonetheless, Mapa noted that there were 180,000 retired workers who decided to rejoin the labor force
in July 2024. “Our work certainly does not end there. For its part, Neda [National Economic and Development Authority] is committed to mobilizing a whole-ofgovernment approach to secure jobgenerating investments nationwide,” Socioeconomic Planning Secretary Arsenio M. Balisacan said in a statement. Balisacan said the government is prioritizing efforts to attract investments in sectors that generate highquality jobs, as the latest labor force survey reveals a vibrant labor market aligning with the targets set in the Philippine Development Plan (PDP) 2023-2028.
DESPITE slower inflation, prices remain high with regular-milled rice hard to find in outlets. NONIE REYES
By Ada Pelonia
T
HE slower rice inflation in August did not mean a reduction in rice prices, according to the broad agriculture sector coalition Sinag. Data from the Philippine Statistics Authority (PSA) indicated a slower inflation rate of rice at 14.7 percent in August from the 20.9 percent recorded in the previous month. Continued on A2
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PHL’s July factory output posts 3-month high–PSA
T
HE country’s factory output posted a three-month high on the back of an increase in the production of electronics, transport equipment, and food products, according to the Philippine Statistics Authority (PSA). Based on the latest report on the Production Index and Net Sales Index or the Monthly Integrated Survey of Selected Industries, the Volume of Production Index (VoPI) was 5.3 percent in July 2024. This was the highest since the 7.5 percent VoPI posted in April 2024. The VoPI was faster than the 3.6 percent posted in June 2024 and July 2023. “The uptrend in the year-onyear growth rate of VoPI for manufacturing in July 2024 was primarily driven by the same top three industry divisions that contributed to the faster annual increase of VaPI for manufacturing during the period,” PSA said. These industries were engaged in the manufacture of computer, electronic and optical products which posted a VoPI of 12.5 percent in July 2024. It may be noted that this industry posted a 1.9-percent yearon-year growth in June 2024, but contracted 15.7 percent in July 2023. Another industry is engaged in the manufacture of transport equipment, which grew 0.4 percent year-on-year in July 2024. This was an improvement from the 8.1-percent contraction posted
WAREHOUSES and factories in Meycauayan, Bulacan, contribute to the country’s growing manufacturing sector, which saw a 5.3% rise in factory output in July 2024. Key industries, including electronics, transport equipment, and food products, have driven this increase, reflecting the resilience and continued expansion of local production capabilities. MICHAEL EDWARDS | DREAMSTIME.COM
in June 2024, but was significantly slower than the 24.6 percent posted in July 2023. PSA said the other industry is the manufacture of food products, which grew 14 percent year on year in July 2024. This is the fastest VoPI growth it posted this year and the second consecutive month of double-digit growth. In June 2024, food manufacturing grew 11.4 percent, while it contracted 6.4 percent in July 2023. It may be noted that in June last year, the VoPI of the food production industry contracted 12.4 percent. Meanwhile, the average capacity utilization rate for the manufacturing sector in July 2024 was reported at 75.6 percent, the highest since May 2024 when the sector recorded the same average rate of capacity utilization. PSA data showed the average capacity utilization rate in July was better than the 75.3 percent posted in June 2024 and 73.6 percent posted in July 2023. Industries that posted an average capacity utilization rate of above 80 percent were the manufacture of machinery and equipment except electrical at 83.6 percent, and manufacture of other non-metallic mineral products at 81.4 percent. Also included among those industries that posted high average capacity utilization rates were the manufacture of textiles at 80.4 percent and manufacture of furniture, 80.2 percent.
VIBRANT HIGALAAY 2024!
The Vibrant Higalaay celebration at SM Supermalls was a true showcase of the warmth of the Kagay-anons from the different lively celebrations, best local flavors of Cagayan de Oro’s delectable dishes, to a fun-filled shopping experience—all of these at the city’s top festival destinations—SM CDO Downtown and SM City CDO Uptown. SM SUPERMALLS
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PESO EXCHANGE RATES n US 56.373 n JAPAN 0.3931 n UK 74.3109 n HK 7.2328 n CHINA 7.9524 n SINGAPORE 43.3705 n AUSTRALIA 37.9898 n EU 62.6360 n KOREA 0.0423 n SAUDI ARABIA 15.0180 Source: BSP (September 6, 2024)