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With this large pool of available workers, the Philippines has more than 38 million people that belong to the labor force which is one of the largest in the world almost making it to the top ten notwithstanding a relatively mediocre participation rate of 64.5%. [3] The labor force has consistently grown by an average 2% for the past three years ...
The Labor Code of the Philippines is the legal code governing employment practices and labor relations in the Philippines. It was enacted through Presidential Decree No. 442 on Labor day, May 1, 1974, by President Ferdinand Marcos in the exercise of his then extant legislative powers. [1]
The National Network of Home-based Workers (Pambansang Tagapag-ugnay ng Manggagawa sa Bahay) was first launched in 1991. In 1992, PATAMABA succeeded in pressuring the Filipino government into affirming certain labour protections for home-based workers, including the registration of worker's organisations, the possibility of collective bargaining and the right to immediate payment.
In 2015, the International Labour Organization (ILO), based on national surveys or censuses of 232 countries and territories, estimated the number of domestic workers at 67.1 million, [3] but the ILO itself states that "experts say that due to the fact that this kind of work is often hidden and unregistered, the total number of domestic workers could be as high as 100 million". [4]
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2025, the Philippine economy is estimated to be at ₱29.66 trillion ($507.6 billion), making it the world's 31st largest by nominal GDP and 11th largest in Asia according to the International Monetary Fund .
Reservation Wage Example. In labor economics, the reservation wage is the lowest wage rate at which a worker would be willing to accept a particular type of job. [1] This wage is a theoretical representation of the hourly rate at which an individual values their own leisure time.
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Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that is supplied by labourers , usually in exchange for a wage paid by demanding firms.