President Ferdinand R. Marcos Jr. is confident the country’s workforce will continue to improve following the signing of the Enterprise-Based Education and Training (EBET) Framework Act.
In his speech during the signing of the EBET Framework Act at the Malacañan Palace, President Marcos said the newly enacted law will strengthen the workforce by focusing on upskilling and development.
The Philippine Statistics Authority (PSA) released the latest Labor Force Survey on Wednesday, reflecting positive employment and unemployment trends under the Marcos administration.
“I’m happy to note that our employment and unemployment rates improved in the past three months. With this law, I’m confident that we will be able to sustain and further improve these numbers,” he said.
“By establishing a framework on career advancement and industry-relevant skills, this law directly addresses the issues on the lack of formal training and skill mismatches, ensuring that every Filipino can contribute and benefit from our nation’s growth,” he added.
The latest LFS showed that the employment rate in the Philippines rose to 96.3 percent in September this year, up from 95.5 percent in the same period in 2023, representing an additional 2.2 million people employed.
The unemployment rate dropped to 3.7 percent in September this year from 4.5 percent 2023.
Furthermore, the Labor Force Participation Rate increased to 65.7 percent from 64.0 percent, with significant gains among prime working-age individuals (+1.1 million) and women (+1.2 million).
The female LFPR improved to 55.7 percent, with fewer women citing household duties as a barrier. However, the survey indicated a slight increase in the underemployment rate, rising to 11.9 percent from 10.7 percent in September 2023. (PCO)
