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Addressing Unemployment: A Critical Issue in the Philippine Economy
... This rate is in line with the December 2023 record. In correlation with this, the findings of the research conducted by Castillo et al. (2024) emphasized that unemployment in the Philippines is complicated and needs a well-thought-out strategy. Policy interventions in macro and micro aspects of economics are needed; they support inclusive growth, job creation, education, and skills development, which increase the employability of the labor force. ...
... • Strategic Interventions for Unemployment and Economic Growth. Castillo et al. (2024), emphasized that unemployment in the Philippines needs a well-thought-out strategy in order to properly assess the actions needed. In addition, policy interventions in macro and micro aspects of economics are needed. ...
Circular economy's (CE) increasing attention leads to many countries adopting it and became a policy tool to advance sustainability as stated in the research of (Padilla-Rivera et al., 2020). This study focused on how CE can impact both business and the environment specifically in the Philippines to address the notable lack of literature review focusing on this topic in the context of the Philippines. The research derived themes such as a lack of regulatory framework, strengthening and standardization for better implementation, and low awareness. The study showed that addressing these issues and fostering practices that promote sustainability and economic growth is essential. Lastly, this research provides a better view of how proper implementation of the CE can affect both business and the environment.
This study aims to formulate a mathematical model for forecasting and estimating unemployment rate in the Philippines. Also, factors which can predict the unemployment is to be determined among the considered variables namely Labor Force Rate, Population, Inflation Rate, Gross Domestic Product, and Gross National Income. Granger-causal relationship and integration among the dependent and independent variables are also examined using Pairwise Granger-causality test and Johansen Cointegration Test. The data used were acquired from the Philippine Statistics Authority, National Statistics Office, and Bangko Sentral ng Pilipinas. Following the Box-Jenkins method, the formulated model for forecasting the unemployment rate is SARIMA (6, 1, 5) × (0, 1, 1)4 with a coefficient of determination of 0.79. The actual values are 99 percent identical to the predicted values obtained through the model, and are 72 percent closely relative to the forecasted ones. According to the results of the regression analysis, Labor Force Rate and Population are the significant factors of unemployment rate. Among the independent variables, Population, GDP, and GNI showed to have a granger-causal relationship with unemployment. It is also found that there are at least four cointegrating relations between the dependent and independent variables.
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