PHL economy added 1.2 million jobs in 2011 – NSO report

The economy added 1.2 million new jobs last year while the number of the unemployed decreased by 45,000 and underemployment increased by 401,000, the National Statistics Office said Wednesday. The NSO also said nearly 19.3 percent or 7.2 million of the 37.19 million who landed jobs claimed they are underemployed or wanting to work more hours. The labor force statistics were released after the National Statistical Coordination Board reported Monday that the economy grew 3.7 percent in terms of gross domestic product for 2011.   Unemployment, according to the NSO estimates for 2011, decreased by 45,000 or 0.3 of a percentage point to 7 percent from 7.3 percent in 2010.   Joblessness was highest among those who attained only high school education — 45.1 percent. Among the college undergraduates and graduates unemployment was 42 percent or roughly 4 out of 10.   By region, the jobless rate was highest in the National Capital Region at 11.3 percent. Unemployment was also elevated in the Calabarzon provinces at 9.7 percent.   Central Luzon had the least number of jobless Filipinos — 2.9 percent —followed closely by the Zamboanga Peninsula (3.2 percent) and the Autonomous Region in Muslim Mindanao (ARMM) where the unemployment rate was only 3.4 percent.   However, ARMM also had the lowest labor force participation rate (55.6 percent) or the number of people considered “economically active.”   The Bicol region had the most underemployment at 35.4 percent or about 3.5 out of 10 employed persons. Underemployment was also high in Northern Mindanao at 27.1 percent. — ELR/VS, GMA News