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Bangladesh awaits installation of interim government after weeks of strife

STOCK PHOTO | Image by Mohammad Rahmatullah from Pixabay

DHAKA – Bangladesh is set to get a new, interim government headed by Nobel Peace Prize-winning economist Muhammad Yunus on Thursday, after weeks of tumultuous student protests forced Prime Minister Sheikh Hasina to resign and flee to India.

Mr. Yunus, 84, Bangladesh’s only Nobel laureate and a harsh critic of Mr. Hasina, was recommended for the job by the student protesters who led the campaign against Mr. Hasina.

He was expected to be sworn in as chief adviser along with a team of advisers later on Thursday in an interim government which the army chief said may include 15 members, although discussions on the names continued till late on Wednesday.

Ms. Hasina’s Awami League party was not involved in all-party discussions led by army chief General Waker-Uz-Zaman, who announced Ms. Hasina’s resignation on Monday.

Her son Sajeeb Wazed Joy said in a Facebook post late on Wednesday that the party had not given up yet and was ready to hold talks with opponents and the administration.

“I had said my family will no longer be involved in politics but the way our party leaders and workers are being attacked, we cannot give up,” Ms. Joy said.

Mr. Yunus is known as the ‘banker to the poor’ and was awarded the 2006 Nobel Peace Prize for founding a bank that pioneered fighting poverty with small loans to needy borrowers.

He is due to arrive in the capital Dhaka from Paris on Thursday, where he had been receiving medical treatment.

“I’m looking forward to going back home and see what’s happening there and how we can organise ourselves to get out of the trouble that we’re in,” Yunus said before he boarded a flight on Wednesday evening.

Ms. Hasina’s dramatic exit on Monday from the country she ruled for four terms – and was reelected to a fifth in January – triggered jubilation and violence across Bangladesh, as crowds stormed and ransacked her official residence unopposed.

She fled to neighboring India where she is taking shelter at an air base near the capital New Delhi.

Student protests against quotas for government jobs spiraled in July, killing about 300 people and injuring thousands, as demonstrations were met with a violent crackdown that was criticized internationally although the government denied using excessive force.

The protests were fueled by tough economic conditions and political repression as well.

After years of strong growth as the garment industry expanded, the $450 billion economy struggled with costly imports, inflation and unemployment and the government had sought a bailout from the International Monetary Fund.

Yunus and the Bangladesh Nationalist Party (BNP), Ms. Hasina’s main political opponent, called for calm and an end to violence on Wednesday.

“No destruction, revenge or vengeance,” said Ms. Hasina’s arch rival and BNP leader Khaleda Zia, 78, in a video address from her hospital bed to hundreds of her supporters at a rally in Dhaka on Wednesday.

Ms. Zia, who was released from house arrest on Tuesday, and her exiled son Tarique Rahman, addressed the rally and called for national elections to be held within three months.

On Wednesday, a court overturned Yunus’ conviction in a labour case in which he was handed a six-month jail sentence in January. Mr. Yunus had called his prosecution political, part of a campaign by Ms. Hasina to quash dissent.

“Let us make the best use of our new victory,” Mr. Yunus said. – Reuters

 

Hottest oceans in 400 years endanger Great Barrier Reef, scientists say

SYDNEY – Water temperatures in and around Australia’s Great Barrier Reef have risen to their warmest in 400 years over the past decade, placing the world’s largest reef under threat, according to research published on Thursday.

The reef, the world’s largest living ecosystem, stretches for some 1,500 miles (2,400 km) off the coast of the northern state of Queensland. The research is rare in putting the effects of man-made climate change into historical context, as other surveys on damage to the reef have a shorter time frame.

A group of scientists at universities across Australia drilled cores into the coral and, much like counting the rings on a tree, analyzed the samples to measure summer ocean temperatures going back to 1618.

Combined with ship and satellite data going back around a hundred years, the results show ocean temperatures that were stable for hundreds of years begin to rise from 1900 onwards as a result of human influence, the research concluded.

From 1960 to 2024, the study’s authors observed an average annual warming for January to March of 0.12°C (0.22°F) per decade.

Since 2016, the reef has experienced five summers of mass coral bleaching, when large sections of the reef turn white due to heat stress, putting them at greater risk of death.

These summers were during five of the six warmest years in the last four centuries, the study showed.

“The world is losing one of its icons,” said Benjamin Henley, an academic at the University of Melbourne and one of the study’s co-authors.

“I find that to be an absolute tragedy. It’s hard to understand how that can happen on our watch in our lifetime. So it’s very, very sad.”

The last temperature data point, from January to March of this year, was the highest on record and “head and shoulders” above any other year, Mr. Henley said.

Coral reefs protect shorelines from erosion, are home to thousands of species of fish, and are an important source of tourism revenue in many countries.

At least 54 countries and regions have experienced mass bleaching of their reefs since February 2023 as climate change warms the ocean’s surface waters, the U.S. National Oceanic and Atmospheric Administration (NOAA) has said.

The Great Barrier Reef is not currently on UNESCO’s list of world heritage sites that are in danger, though the UN recommends it should be added.

Australia has lobbied for years to keep the reef – which contributes A$6.4 billion ($4.2 billion) to the economy annually – off the endangered list, as it could damage tourism.

Lissa Schindler, Great Barrier Reef campaign manager at the Australian Marine Conservation Society, said the research showed Australia needed to do more to reduce its emissions.

“Australia must increase its ambition, action and commitments to battle climate change and protect our greatest natural asset,” she said. – Reuters

China urges ITA to intensify testing of US athletes

BEIJING – China’s anti-doping agency (CHINADA) on Thursday urged the International Testing Agency (ITA) to intensify testing of US track and field athletes, after American sprinter Erriyon Knighton tested positive for the banned substance trenbolone.

CHINADA accused the US Anti-Doping Agency (USADA) earlier this week of double standards, saying its U.S. counterpart had been “trying its best” to clear U.S. athletes while accusing CHINADA and the World Anti-Doping Agency (WADA) of cover-ups.

Mr. Knighton tested positive for trenbolone this year but was not suspended for the Paris Games after an arbitrator found the result was likely caused by contaminated meat. The USADA chief has been outspoken about 23 Chinese swimmers who tested positive before the 2021 Tokyo Olympics but were allowed to compete.

CHINADA said on Thursday that trenbolone was a common contaminant in the United States, and athletes everywhere including US athletes should pay close attention to meat contamination. Citing a recent WADA statement, it said that 31% of US athletes were inadequately tested in the 12 months prior to the Tokyo Games.

“In light of the above, we strongly call on the International Testing Agency (ITA) to intensify testing on the U.S. track and field athletes,” CHINADA said in a statement on its WeChat account.

“We also strongly recommend that the Athletics Integrity Unit (AIU) strengthen anti-doping supervision of the US track and field, prevent the doping risks and strictly investigate relevant cases, in an endeavor to truly protect the legitimate rights and interests of the clean athletes around the world, and to rebuild the trust of global athletes in fair play.” – Reuters

BOJ debated further rate hikes in July, prompting hawkish shift

REUTERS

TOKYO – Bank of Japan policymakers, in deciding a landmark increase in interest rates last month, discussed further rate hikes, a summary of the discussion showed on Thursday, prompting a hawkish shift that has contributed to global market turmoil.

One member of the policy board said the central bank should eventually raise its policy rate to around 1% or higher, according to the summary of opinions, the first time a BOJ policymaker has specified a potential endpoint.

In the surprise move on July 31, the central bank raised its short-term policy target to 0.25%, its highest in 15 years, from a zero-to-0.1% range, and released a plan for tapering its huge asset buying in a landmark shift away from a decade-long stimulus program.

The July increase and subsequent comments by BOJ Governor Kazuo Ueda signalling the chance of further rate hikes – along with indications that the Federal Reserve was preparing to cut US rates – caused a spike in the battered yen and contributed to global market turmoil.

The nine-member board debated the risk that rising import costs and steady wage increases might push up inflation more than expected, the summary showed, highlighting a growing sense in the board that more rate hikes might be needed.

“The BOJ must proceed with further adjustment of the degree of monetary accommodation as appropriate”, even after July’s hike if companies continue to raise prices, wages and capital spending, one member was quoted as saying.

Those discussions, which market participants on Thursday said were more hawkish than expected, were likely behind Ueda’s market-moving comments. The ensuing rout led to remarks by BOJ Deputy Governor Shinichi Uchida on Wednesday playing down the chance of a near-term rate hike.

Finance Minister Shunichi Suzuki on Thursday declined to comment on Mr. Uchida’s remarks, telling a press conference the specifics of monetary policy are for the central bank to decide.

 

FOCUS ON INFLATION OVERSHOOT

One board member in July called for the BOJ to keep raising rates in a “timely and gradual manner”, as Japan’s neutral rate – the level of borrowing costs that neither cools nor overheats the economy – seems to be at least around 1%, the summary showed.

That was the first time a BOJ policymaker, even anonymously, has cited a specific level for Japan’s neutral rate.

Mr. Ueda has repeatedly said it is hard to specify Japan’s neutral rate, keeping markets wondering how far the central bank would tighten. While the BOJ does not issue an official estimate of the neutral rate, analysts see it between 1% and 1.5%.

At the July meeting, some members warned against hiking rates too soon, saying policy normalization “must not be an end in itself”, with recent data showing weak signs in consumption. Two board members voted against the July rate hike.

But discussions on the price outlook focussed on the risk of an inflation overshoot, the summary showed.

“The likelihood of achieving our inflation target has increased further. That said, upside risks to prices require attention, since a rising number of industries have seen supply shortages and excess demand as a result of labor shortages,” one board member said.

“Upward pressure on prices is likely to remain because of tight labor market conditions” and rising import prices due to the impact of the yen’s declines, another said. – Reuters

Qantas slashes former CEO’s exit pay after damning governance report

REUTERS

Australia’s Qantas said it was cutting its former CEO’s exit bonuses by A$9.3 million ($6 million) after an external review found him responsible for measures alienating travelers, employees and shareholders in the COVID era and beyond.

The decision marks a gloomy footnote to the 15-year rein of Alan Joyce at Australia’s dominant airline, who brought forward his retirement to last September under a cloud of lawsuits alleging unfair pandemic sackings and selling tickets to cancelled flights.

Qantas was one of Australia’s top brands for years even as Joyce leaned into controversy. In 2011, he grounded its entire fleet over a union dispute, but the sacking of 1,700 ground staff in 2020 while collecting COVID stimulus payments, followed by a surge of flight cancellations and lost luggage once COVID border restrictions lifted, prompted analysts to warn the cost of repairing the airline’s reputation may hurt profit.

Mr. Joyce’s final compensation totaled A$21.4 million including bonuses, but the company said at the time it reserved the right to withhold some pending an external review of how the airline which sells nearly two-thirds of Australian domestic fares was run.

Qantas published the review on Thursday, which blamed the company’s reputational crisis on a “command and control” leadership style, and said it was cutting Mr. Joyce’s final package to just over half the original amount.

“There was too much deference to a long-tenured CEO who had endured and overcome multiple past operational and financial crises,” said the report by McKinsey & Co senior adviser Tom Saar.

“(Qantas) had a ‘command and control’ leadership style with centralized decisions and an experienced and dominant CEO,” the report added.

“This contributed to a top-down culture, which impacted empowerment and a willingness to challenge … decisions of concern. That cultural characteristic underpinned some of the events that affected the group’s reputation.”

The Qantas board had “limited visibility or appreciation of the manifestation of this cultural characteristic”, the report noted, adding that the company had already replaced some directors and top managers.

The company was also re-setting its relationships with external stakeholders, the report said, in light of an “adversarial approach to engagement” under Mr. Joyce.

And the airline had brought in a stricter internal approval process for CEO share sales, the report said, noting Mr. Joyce’s sale of A$17 million of Qantas shares in June 2023, a few months before his scheduled retirement, contributed to a loss of trust among stakeholders.

Qantas agreed in May to pay A$120 million to settle a regulator lawsuit over the sale of thousands of tickets on already cancelled flights.

The airline, which reports full-year results on Aug. 29, is still waiting to learn how much it must pay after losing a separate lawsuit which found it illegally fired 1,700 ground staff in 2020 to stop them from taking industrial action like strikes. – Reuters

Second hottest July breaks 13-month record streak, EU scientists say

BRUSSELS – Last month was the second hottest July for the planet on record, breaking a 13-month period when each month was warmest, which had been in part fueled by the warming El Nino weather pattern, the European Union’s Copernicus Climate Change Service said on Thursday.

The month was 1.48 degrees Celsius (2.7 degrees Fahrenheit) above the pre-industrial reference of 1850-1990, Copernicus said in a monthly report, while the last 12 months were 1.64 C above the pre-industrial average due to climate change.

July also recorded the two hottest days on record.

Copernicus attributes the high temperatures largely to greenhouse gas emissions from fossil fuel-based industries and noted that oceans not normally impacted by El Nino saw an unusual rise in temperatures.

“This El Nino has ended but this magnitude of global temperature rises, the big picture is quite similar to where we were a year ago,” Julien Nicolas, a climate researcher with Copernicus, told Reuters.

“We are not done with temperature records causing heatwaves … We know this long-term warming trend can be with a very high level of confidence related to the human impact on climate.”

Above-average temperatures were recorded in southern and eastern Europe, the western United States, western Canada, most of Africa, the Middle East, Asia and eastern Antarctica.

Near or below-average temperatures were seen in northwestern Europe, western Antarctica, parts of the United States, South America and Australia.

July 2024 was also wetter than average in northern Europe and southeastern Turkey while drought warnings persisted in southern and eastern Europe.

Arctic sea ice was down more than in 2022 and 2023 at 7% below average though not as severe as the record 14% drop in 2020. Antarctic sea ice was the second lowest extent for July at 11% below average compared with 15% below in July last year.

Global sea temperatures remain at near record highs with this July only 0.1 C below July last year, ending a 15-month consecutive new record streak.

“What we saw was surprising in terms of how much warmer it has been. That raises the question of what is happening to the ocean outside this natural climate pattern like El Nino or La Nina events. Are there shifts in the ocean currents?” Mr. Nicolas said. – Reuters

Gogolook backs Scam Watch Pilipinas’ volunteer watcher program at PUP-Manila

Mel Migriño, Gogolook Southeast Asia Regional Director and Philippines Country Representative with students from PUP-Manila

Gogolook, the global TrustTech company, has supported Scam Watch Pilipinas’ recent launch of its volunteer watcher program at the Polytechnic University of the Philippines-Manila (PUP-Manila).

Mel Migriño, Gogolook Southeast Asia Regional Director and Philippines Country Representative, and the Founder and President of the Women in Security Alliance Philippines (WiSAP), highlighted the program as a significant step forward in the fight against online scams.

“This volunteer watcher initiative perfectly aligns with Whoscall’s mission to combat online scams, particularly SMS scams and phishing, and represents a proactive approach to safeguarding the public from these threats. We look forward to expanding this campaign to various academic institutions in the country enabling the students and school administration and their families to be digitally safe while using online facilities and platforms,” Ms. Migriño said.

Developed by Gogolook, Whoscall is an anti-scam application that identifies unknown calls in real-time and filters out spam calls using its artificial intelligence (AI)-powered system and extensive database.

The volunteer watcher initiative, spearheaded by Scam Watch Pilipinas, encourages vigilance against online scams. The goal is for at least one family member to be knowledgeable about these threats to safeguard the entire family.

The program was launched in front of over 120 journalism students at the Polytechnic University of the Philippines (PUP).

In her presentation, “Looking through the Lens of Scams and Fraud,” Ms. Migriño cited in detail the tactics that scammers use, the most common scams in the Philippines, and the possible risks that victims may encounter once they fall victim to scams.

Scam Watch Pilipinas Co-Founder and Co-Lead Convenor Jocel De Guzman expressed gratitude to Gogolook for its unwavering support, emphasizing that Scam Watch Pilipinas and Gogolook share a single objective: to combat online scams.

“I’m delighted with Gogolook’s support for this project, knowing that we are on the same page in fighting these online scams,” Mr. De Guzman said.

Representatives from the Cybercrime Investigation and Coordinating Center (CICC) and the Journalism Studies Association of the Philippines (JSAP) were also at the event.

 

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Philippines Q2 GDP rises 6.3% year on year, just above forecasts

PHILIPPINE STAR/RUSSELL PALMA

MANILA – The Philippine economy grew 6.3% in the second quarter from a year earlier, driven by government spending and investment, the statistics agency said on Thursday, stronger than upwardly revised 5.8% growth in the first quarter.

That took first-half GDP growth to 6.0%, putting the economy on track to meet the full-year growth target of 6.0% to 7.0%, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan told a news conference.

Inflation, which has hampered consumer spending, will revert to its longer-term downtrend, Mr. Balisacan said.

Economists in a Reuters poll had expected annual gross domestic product growth of 6.2% in the April-June quarter.

On a seasonally adjusted basis, the economy grew 0.5%quarter-on-quarter, below both the 0.9% growth forecast in a Reuters poll and the 1.3% pace in the first quarter. — Reuters

ArenaPlus gifts P5 million to Olympic gold medalist Carlos Yulo

ArenaPlus joins the rest of the nation by celebrating the momentous double gold medal victory of Carlos “Golden Boy” Yulo in the 2024 Olympic Games. To honor Mr. Yulo’s historic achievement, ArenaPlus is awarding the Olympian an “Astig Hero Bonus” of P5,000,000 in cash.

DigiPlus, the parent company of sports betting platform ArenaPlus, has been proudly championing Mr. Yulo since the start of the Olympic games. As one of ArenaPlus’ official brand ambassadors, Mr. Yulo has had the company’s full support throughout the entirety of his Olympic campaign.

Mr. Yulo’s hard work and dedication resulted in the historic win of two gold medals in men’s artistic gymnastics in the men’s floor and men’s vault exercises. The victory makes him only the second ever Filipino Olympic gold medalist, and the most awarded one in history.

“Carlos Yulo truly embodies the ‘astig’ Pinoy spirit,” said DigiPlus Chairman Eusebio H. Tanco. “We coudn’t be prouder of how he has represented both our country and DigiPlus. Our warmest congratulations to him!”

 

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Del Monte Pacific Limited to hold Annual General Meeting on Aug. 30

 

 

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Q2 agricultural output falls by 3.3%

Farm output dropped by 3.3% in the second quarter, as the El Niño weather phenomenon caused dry spells and droughts around the country. — PHILIPPINE STAR/RUSSELL A. PALMA

By Adrian H. Halili, Reporter

THE PHILIPPINES’ agricultural output fell in the second quarter, as the crops and livestock sector continued to bear the brunt of the El Niño weather phenomenon.

Data from the Philippine Statistics Authority (PSA) showed the value of production in agriculture and fisheries at constant 2018 prices dropped by 3.3% to P413.91 billion in the April-to-June period, worsening from the 1.2% contraction a year earlier.

It was the first decline in agricultural output since the 0.2% drop in the third quarter of 2023, and the biggest drop since the 3.4% contraction in the first quarter of 2021.

Performance of Philippine Agriculture“The reduction was due to the decreases in the value of crops and livestock production. Meanwhile, expansions were recorded in the value of poultry and fisheries production,” the PSA said.

The agriculture sector accounts for about a tenth of the country’s gross domestic product (GDP) and provides about a quarter of all jobs.

The PSA is scheduled to release second-quarter GDP data on Aug. 8.

For the first half, the value of production in agriculture and fisheries slipped by 1.5%, a reversal of the 0.4% growth a year ago.

“The Philippine agriculture sector has demonstrated resilience, bolstered by strategic interventions from the Department of Agriculture (DA), in the face of challenges posed by the adverse impact of El Niño on crop harvest and the stubborn African Swine Fever (ASF) on hog production, particularly during the second quarter,” Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa said on Wednesday.

Crops production, which accounted for half of the agriculture sector’s total production, slumped by 8.6% year on year in the second quarter. This was a reversal of the 1.2% growth a year ago.

Year to date, crops production dropped by 4.4%, reversing the 1.5% growth a year earlier.

In the second quarter, palay (paddy rice) production declined by 9.5%, while corn plunged by 20.3%.

Also posting double-digit declines in production were sugarcane (-42.3 %), onion (-37.4 %), tomato (-15.6 %), mongo (-14%), and abaca (-12.4%).

Lower output was also seen in rubber (-7.5%), cassava (-7.2%), eggplant (-7%), sweet potato (-5.8%), ampalaya (-5.1%), coconut (-4%), banana (-3.3%), mango (-2.8%), pineapple (-2.7%), tobacco (-1.9%), coffee (-1.87%) and potato (-1%).

Only calamansi (6.4%), cacao (5.9%), and cabbage (2.7%) posted growth in production in the second quarter.

“These drops are the effects of El Niño during the first semester of the year. Crops, particularly rice and corn, either did not survive or suffered yield losses due to lack of water,” Federation of Free Farmers National Manager Raul Q. Montemayor said in a Viber message.

The state weather bureau declared the start of the El Niño weather event in June 2023, bringing below-normal rainfall conditions, dry spells and droughts. El Niño ended in early June, but dry conditions are expected to continue.

Based on the Agriculture department’s final bulletin, farm damage from El Niño hit P15.3 billion, with total crop losses at 784,344 metric tons. Rice and corn were the most affected crops.

“The explanation of (the DA) that the drop was due to delayed planting by some farmers does not seem realistic… So it was not a delay in planting but an inability to plant due to lack of rain,” Mr. Montemayor said.

However, Mr. De Mesa said the DA had supported the agriculture sector during El Niño, earmarking P14.54 billion in financial aid for affected farmers, production support and loans.

LIVESTOCK DROP
Livestock production shrank by 0.3% in the quarter ending June, reversing the 0.7% expansion a year ago. It accounted for 15.3% of the total agricultural output during the April-to-June period.

Data from the PSA showed a drop in the value of production for goat (-2.7%), carabao (-2.4%) and hog (-0.3%). Higher production was seen in dairy (9.7%) and cattle (0.2%).

In the January-to-June period, the value of livestock production slid by 1.9%, a reversal of the 2.4% growth in 2023.

Former Agriculture Secretary William D. Dar said in a text message that the livestock industry, particularly hogs, is still affected by ASF.

“The 0.3% decline (in hogs) is small. Most likely, the market weights of hogs are smaller due to extreme heat, which affected the feed intake and therefore the feed conversion as well,” National Federation of Hog Farmers, Inc. Vice-Chairman Alfred Ng said in a Viber message.

Hogs account for 12.4% of livestock production.

GAINS IN POULTRY, FISHERIES
Poultry output, which accounts for 16.9% of the total agricultural output, jumped by 8.7% in the April-to-June period, an improvement from the 1.5% growth a year ago.

Higher production was seen for chicken eggs (9%), chicken (8.9%), duck (1.3%) and duck eggs (0.8%).

From January to June, the value of poultry production rose by 7.3% from 2.3% a year ago.

Former Agriculture Undersecretary Fermin D. Adriano said the growth in poultry output during the period was due to poultry growers’ improved efforts to curb the spread of bird flu.

“It is easy for poultry production to recover because there are now chicken breeds which can be harvested for less than a month. Old stock affected by bird flu can easily be replenished,” he said in a Viber message.

Mr. Dar said the growth in poultry was driven by the sustained investments of large poultry companies including small- and medium-sized growers.

Meanwhile, fishery production increased by 2.2% in the second quarter, a turnaround from the 13.8% decline a year ago. The subsector made up 14.6% of the total farm output.

Year to date, the value of fishery output inched up by 1.1%, a turnaround from the 7.5% decline last year.

“Fisheries were coming from a very low base, so it was relatively easy for the sector to show an uptick.  Maybe the hot weather induced more phytoplankton production,” Mr. Montemayor said.

Gains were seen in skipjack or gulyasan (141.2%), bigeye tuna (94.1%), yellowfin tuna (43.2%), frigate tuna or tulingan (33.7%), P. Vannamei (33.6%), blue crab (7.4%), fimbriated sardines (5.9%) and cavalla or talakitok (4%).

On the other hand, production declined for tiger prawn or sugpo (-40.3%), grouper or lapu-lapu (-34.8%), seaweed (-25.8%), slipmouth or sapsap (-24.7%), big-eyed scad or matangbaka (-22.3%), mudcrab or alimango (-18.3%), round scad or galunggong (-13.6%), squid (-6.8%), tilapia (-6%), milkfish or bangus (-4.6%), threadfin bream or bisugo (-4.4%), and Bali sardinella or tamban (-0.1%).

Mr. Adriano noted that the open fishing season in Philippine waters coupled with better weather contributed to the increase in fishery production.

The DA is targeting 1-2% agricultural growth in 2024, taking into account the effects of the El Niño and La Niña weather events.

June jobless rate falls to lowest in two decades

People flock to a job fair at SM City San Lazaro in Manila, June 26, 2024. — PHILIPPINE STAR/EDD GUMBAN

THE UNEMPLOYMENT RATE in June fell to 3.1%, the lowest in two decades, as hiring in the construction sector surged, the Philippine Statistics Authority (PSA) reported on Wednesday.

Preliminary data from the Philippine Statistics Authority (PSA) showed the jobless rate slipped from 4.1% in May and 4.5% in June 2023.

The June unemployment rate was the same as in December 2023. It was also the lowest jobless rate since April 2005, when the statistics agency revised its definition of unemployed to Filipinos aged 15 years and older without a job, available for work, and actively seeking one.

Philippine Labor Force Situation

This translated to 1.62 million unemployed Filipinos in June, down by 486,000 from 2.11 million in May.

Year on year, unemployment went down by 707,000 from 2.33 million in June 2023.

This was also the lowest number of unemployed Filipinos since the 1.6 million recorded in December last year.

In the first half, the unemployment rate averaged 3.9%, lower than the 4.6% average a year ago.

“We can see the economic activity linked to construction activities substantially increased… (In construction) we added 938,000 jobs (year on year),” PSA Undersecretary and National Statistician Claire Dennis S. Mapa said in mixed English and Filipino during the press briefing on Wednesday.

However, underemployment — those who want longer hours or an additional job — went up to 12.1% in June from 9.9% in May. This was a tad higher than 12% in June 2023.   

The ranks of the underemployed Filipinos reached 6.08 million, up by 1.27 million month on month and 208,000 year on year.

As of end-June, the average underemployment rate stood at 12.3%, lower than 12.5% last year.

“Year on year, the labor force participation rate increased substantially… What happens is that the labor market cannot absorb this, so not everyone can get full-time jobs… This is why there is an increase in underemployed people,” Mr. Mapa said.

Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message the higher underemployment rate could have been due to the sectoral slowdowns and lack of available part-time work.

In June, the employment rate rose to 96.9%, equivalent to 50.28 million Filipinos. This was slightly higher than 95.9% (equivalent to 48.87 million) in May, and 95.5% (48.84 million) in June 2023.

In the first half, the employment rate averaged 96.1%, up from 95.4% a year ago.

The service sector remained the top employer, accounting for 58.7% of jobs in June, followed by agriculture (21.1%) and industry (20.2%).

In June, month-on-month job gains were recorded in construction (up 680,000 to 5.77 million), agriculture and forestry (up 571,000 to 9.53 million), and wholesale and retail trade (490,000 to 10.6 million).

“The government’s swift implementation of infrastructure projects and the continued improvement of operating conditions for manufacturing firms have led to these employment gains. Increasing investments in renewable energy, water supply, and mining and quarrying have also supported employment growth in these areas,” National Economic and Development Authority Secretary Arsenio M. Balisacan said in a statement.

On the other hand, the biggest monthly job loss was seen in public administration and defense, which cut 466,000 jobs to 2.67 million. Job losses were also seen in education (down 184,000 to 1.51 million), and transportation and storage (down 152,000 to 3.57 million).

Meanwhile, construction saw the largest annual increase in jobs, adding 938,000 jobs to 5.77 million. Significant job gains were also seen in wholesale and retail trade (up 527,000 to 10.6 million), and accommodation and food service activities (up 396,000 to 2.62 million).

Year on year, agriculture and forestry cut 916,000 jobs to 9.53 million. Annual job losses were also seen in public administration and defense (down 340,000 to 2.67 million) and fishing and aquaculture (down 81,000 to 1.09 million).

Sentro ng mga Nagkakaisa at Progresibong Manggagawa Secretary-General Josua T. Mata questioned what he called the “flawed employment strategy” of the government.

“Worker underutilization remains high. The combined underemployment and unemployment rate rose from 14% in May 2024 to 15.2% in June 2024. This means nearly one in six workers are either unemployed or underemployed and unable to fully contribute to the economy,” he said in a Viber message.

The country’s labor force reached 51.9 million in June, increasing by 926,000 from 50.97 million in May.

On an annual basis, the labor force increased by 730,000 from 51.17 million.

This translated to a labor force participation rate of 66%, higher than the 64.8% in the previous month, but lower than 66.1% last year.

The average Filipino employee worked for 40.9 hours a week, up from 40.6 hours in May and from the 40 hours in June 2023. — Charles Worren E. Laureta

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