Rizal Commercial Banking Corporation chief economist Michael Ricafort said the country’s employment date is expected to improve further from seasonal demands during the Christmas holidays.
“The pick up in manufacturing and other production activities in preparation for the seasonal increase in demand for the Christmas season could have improved the latest employment data,” Ricafort said.
Data showed that some 49.15 million Filipinos were employed as of August this year, with the employment rate jumping 96% from 95.6% in the same month last year.
The Philippine Statistics Authority will release September 2024 employment data on Wednesday.
“The seasonal increase in hiring [will] help boost employment opportunities in preparation and during holidays, especially in the services and retail sectors,” Ricafort said.
“Easing inflation trend would fundamentally help boost economic and other business activities, thereby would also help increase employment.”
Ricafort said the US Fed and the Bangko Sentral ng Pilipinas’ move to reduce key interest rates will increase demand for loans, boost new investments and other expansion projects, increase exports and imports, and boost sales and production, which will increase employment.