Econ

• The people of the country are very important as a resource used in the production of goods and services
• Labor supply or labor force or work force


  The part of the population who are willing and able to work, including those seeking work but have not found one yet
• Population of the Philippines in 2022

  • 15-64 years old (65%)
  • 0-14 years old (30%)
  • 65 years and older (5%)
• The total population of the Philippines in 2022 was 111.57 million
• The Philippines' Labor Force Survey in 2022

  • 111.57 million total population
  • 72,185,790 labor force
  • 68,287,757 employed
  • 3,898,033 unemployed
• The number of Overseas Filipino Workers (OFWs) who worked abroad during the period April to September 2022 was estimated at 1.96 million
• Characteristics of Overseas Filipino Workers (OFWs)

  • 57.8% were women
  • 23.4% were between the ages of 30 - 34 years old
  • 69.8% were engaged in elementary occupations
• Minimum wage


  The minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract
• Minimum wage rates in the Philippines (Wage Order No. ROVII - 24)


  • Class A (468 non-agriculture, 458 agriculture and non-agriculture with less than 10 workers)
  • Class B (430 non-agriculture, 425 agriculture and non-agriculture with less than 10 workers)
  • Class C (420 non-agriculture, 415 agriculture and non-agriculture with less than 10 workers)
• The PSA revealed that Cebu had the most number of poor people at 1.72 million in the first half of 2023
• A family of five needed ₱ 14,203 per month to meet their minimum basic food and non-food needs, for a per capita poverty threshold for the whole six months of ₱ 17,044, or roughly P95 per person per day
• Higher income


  Potential for higher wages and better earning opportunities compared to what they can earn in the Philippines
• Reasons Filipinos seek employment abroad

  • Higher income
  • Global demand for skilled labor
  • Job security and stability
• Global demand for skilled labor


  Many countries, especially those with aging populations or specific skill shortages, actively recruit skilled workers from other countries, including the Philippines, to fill gaps in their labor markets
• Job security and stability


  Some Filipinos perceive working abroad as offering greater job security and stability, especially in industries or sectors with more robust employment practices and regulations compared to the Philippines
• HIGHER INCOME

  Many Filipinos seek employment abroad due to the potential for higher

  wages and better earning opportunities compared to what they can earn in

  the Philippines.
• CURRENCY EXCHANGE RATES Favorable currency exchange rates can make remittances sent back to the Philippines more valuable, providing financial benefits for both the overseas worker and their family
• FACTORS AFFECTING THE LABOR MARKET

  01. Economic Growth

  02. Technology and Automation 03. Education and Skills Development 04. Government Policies

  05. Demographics
• Economic Growth When the economy is expanding, businesses tend to hire more workers to meet increasing demand for goods and services
• Technology and Automation Advancements in technology and automation can impact the labor market by changing the skills required for various jobs.
• Government Policies , such as labor laws, minimum wage regulations, and employment incentives, can significantly impact the labor market.
• Demographics including factors such as the size of the working-age population and migration trends, play a role in shaping the labor market dynamics.
• The International Labour Organization (ILO) has defined minimum wage as, "the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period, which cannot be reduced by collective agreement or an individual contract."