The region’s employment rate in October 2022 increased to 97.0 percent, from
95.5 percent in July 2022.
The 97.0 percent employment rate translates to 2.03 million employed persons out of the 2.09 million persons in the labor force in October 2022.
This was higher by about 16 thousand employed persons compared with the 2.01 million employed persons reported in July 2022. This was also around 255 thousand persons more than the estimated 1.77 million employed persons in October 2021. In 2022, the region’s employment showed an increasing trend.
Eastern Visayas registered a Labor Force Participation Rate (LFPR) of 64.3 percent in October 2022.
This placed the region’s labor force at 2.09 million persons who were either employed or unemployed out of the estimated 3.25 million population 15 years old and over.
The 64.3 percent LFPR was slightly lower by 0.7 percentage point than the 65.0 percent LFPR recorded in July 2022.
However, this figure was higher by 4.2 percentage points compared with the 60.1 LFPR in October 2021.
This means that the labor force in October 2022 was lesser by around 17,000 persons than the 2.11 million persons who were in the labor force in July 2022, but higher by around 171,000 persons than the 1.92 million labor force in October 2021.
In 2022, the LFPR was lowest in January at 58.0 percent, while it slightly increased by 2.0 percentage points in April at 60.0 percent, and peaked at 65.0 percent in July.
Eastern Visayas’ unemployment rate continued to decline from 4.5 percent in July 2022 to 3.0 percent in October 2022.
This was equivalent to around 63,000 persons in the labor force who were unemployed in October 2022, lower by about 33 thousand unemployed persons compared with the 96 thousand unemployed persons in July 2022.
The 3.0 percent unemployment rate in October 2022 also translated to a decline of around 84,000 unemployed persons compared with the 146,000 unemployed persons recorded in October 2021. In 2022, the unemployment rate in Eastern Visayas exhibited a decreasing trend.
Underemployed persons are employed persons who expressed the desire to have additional hours of work in their present job or to have an additional job, or to have a new job with longer hours of work.
In 2022, the underemployment rate in Eastern Visayas was highest in October posted at 22.4 percent or 454 thousand persons out of the 2.03 million employed persons registered during the month.
This was 6.4 percentage points higher than the rate in July 2022 at 16.0 percent. This was also higher by 4.6 percentage points compared with the 17.8 percent underemployment rate registered in October 2021. (PR)