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BICOL'S EMPLOYMENT RATE IMPROVES IN JULY

Employment rate in the Bicol Region improved in July 2008 as it went up by 1.2 percentage points from the same period last year. Consequently, unemployment rate dropped from 5.6 percent to 4.4 percent as reflected in the recent round of the Labor Force Survey of the National Statistics Office.

Across regions, Region II (Cagayan Valley) registered the highest employment rate at 97.1 percent while the National Capital Region (NCR) recorded the lowest employment rate at 87.2 percent.

The labor force participation rate or the proportion of those in the labor force to the population aged 15 years old and over went up by 2.3 percentage points from 63.8 in July 2007.
 

Labor Force Status in Region V
July 2007, April 2008 and July 2008
(numbers in thousands; rates in percent)

Particulars July 2007 April 2008 July 2008
  Total 15 Years Old & Over - - -
  Total In the Labor Force - - -
  Total Employed Persons - - -
  LF Participation Rate 63.8 66.2 66.1
  Employment Rate 94.4 93.5 95.6
  Unemployment Rate 5.6 6.5 4.4
  Underemployment Rate 38.4 38.7 35.8

Underemployment rate, or the proportion of employed persons wanting more hours of work to total employed persons dropped to 35.8 percent, 2.6 percentage points lower than that of the same period last year. Bicol Region registered the highest underemployment rate among regions of the country.

Source of basic data: National Statistics Office

Date Posted: July 15, 2008
 
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