SUMMARY
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Despite growing at a pace faster than neighbors in Southeast Asia, the Philippine economy under the Aquino administration’s past 2.5-year-old term has yet to make an impact on creating new and “more quality” jobs. According to the Socioeconomic Report of the government’s economic planning body, the Philippines has slightly missed the 1-million new jobs target per year and marked by a period of large increases in part-time employment. Around one in 5 employed Filipinos are looking for longer work hours or additional jobs to make ends meet, the National Economic Planning and Development Agency said. Underemployment cuts across age and sex groups and is particularly pronounced among the less educated workforce and in regions where agriculture is the dominant sector. There were 8.546 million underemployed Filipinos in July 2012, more than thrice the 2.842 million underemployed in July 2011.
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