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  • March 26, 2024 , 10:04am

1.4M jobs loss stresses need to strengthen local agri, Filipino industries – IBON

1.4M jobs loss stresses need to strengthen local agri, Filipino industries – IBON

March 9, 2024

By IBON Foundation

Research group IBON said that recent labor force data showing a drop in employed persons, combined with the phenomenal decrease in labor force participants and the swelling number of those not in the labor force, indicates a growing number of discouraged Filipino workers. The group reiterated that to arrest the jobs crisis and for the economy to create gainful jobs, government should focus on the development of domestic agriculture and Filipino industries, instead of enticing the narrow profit-seeking interests of foreign investors.

IBON said that labor force figures from January 2023 to January 2024 reveal that there is a substantial number of jobless Filipinos dropping out of the labor force due to poor work prospects. The number of employed persons fell by a huge 1.4 million to 45.9 million from 47.4 million. The labor force contracted by 1.6 million to 48.1 million, while those classified as not in the labor force increased by a whopping 3.2 million to 30.6 million. This is despite the number of working age Filipinos or population 15 years old and above growing by 1.6 million to 78.7 million.

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