35 WV biz establishments shut down, retrench workers

A total of 353 workers in Western Visayas lost their jobs in the third quarter of 2018 due to business closures and retrenchments.

There were 12 business establishments that shut down in the July-Sept. period, affecting 96 workers.

Eleven of these establishments were from the agriculture secture and one from the services sector.

Broken down per province, eight from Negros Occidental, three from Iloilo, and one from Capiz.

The Department of Labor and Employment (DOLE-6) said the closures were mainly due to “financial losses.”

On the other hand, 23 establishments in the region implemented retrenchments, affecting 257 workers.

The DOLE-6 cited “redundancy, and reorganization or downsizing, as the reasons for the retrenchments.

Employment

Employment rate in the region decreased slightly to 94.3 percent in July last year from 95.3 in the same month in 2017.

Unemployment rate accelerated to 5.7 percent from 4.7 percent.

The DOLE-6 attributed the increase to the temporary closure of of Boracay Island in Malay, Aklan.

The island underwent extensive rehabilitation from April to October last year.

“Also every year, the region produces graduates in the second quarter who cannot immediately find employment,” the DOLE-6 added.

Underemployment rate also increased to 21.2 percent from 18.1 percent. Underemployed persons are those who are “looking for extra work” to earn more money.IMT