MANILA – The Philippine government is prioritizing efforts to attract investments in sectors that generate high-quality jobs, as the latest labor force survey reveals a vibrant labor market aligning with the targets set in the Philippine Development Plan (PDP) 2023-2028, according to the National Economic and Development Authority (NEDA).
The planning agency expressed optimism as the Philippine Statistics Authority announced today, September 6, that the country’s unemployment rate decreased to 4.7 percent in July 2024, down from 4.9 percent in July 2023. This decline brings the year-to-date unemployment rate to 4.4 percent, meeting the nation’s target range of 4.4 to 4.7 percent for this year.
The survey showed that 3.1 million more Filipinos gained employment year-on-year, raising the total number of employed individuals to 47.7 million as of July 2024. Underemployment also dropped to 12.1 percent in July 2024, down from 15.9 percent the previous year, translating to 1.3 million more Filipinos securing better-quality jobs.
The country’s current low unemployment rate is comparable to that of major Asian economies and is even better than India’s rate of 7.9 percent and China’s rate of 5.1 percent.
NEDA Secretary Arsenio M. Balisacan highlighted the government’s strategies to support the Filipino workforce. These strategies include attracting job-generating investments, scaling up social and physical infrastructure to enhance employment prospects, and implementing reskilling and upskilling programs to improve job security and adaptability.
“While we welcome the continuing positive developments in our nation’s labor market, our work certainly does not end there. For its part, NEDA is committed to mobilizing a whole-of-government approach to secure job-generating investments nationwide,” said Balisacan.
He added that NEDA is finalizing the Trabaho Para sa Bayan Master Plan, which is envisioned as the nation’s comprehensive and strategic framework for enhancing job opportunities and work skills for Filipinos.
Balisacan underscored that fast-tracking infrastructure development in energy, logistics, and both physical and digital connectivity is essential for overcoming constraints to growth and business expansion.
“The swift enactment and implementation of the Konektadong Pinoy Bill, and the expansion of upskilling programs are crucial for advancing the country’s digital transformation and harnessing opportunities presented by cutting-edge innovation,” he said.
The labor force participation rate rose to 63.5 percent in July 2024, up from 60.0 percent in July 2023, indicating that over 3.2 million more Filipinos have entered the labor force.
Meanwhile, the female participation rate improved to 52.4 percent from 47.8 percent, comfortably within the target range of 51.5 to 53.5 percent.
In addition, the country remains on track toward increasing the percentage of wage and salaried workers in private establishments, which currently stands at 51.0 percent, within the PDP target range of 50.9 to 51.5 percent for 2024.
“The Marcos Administration is tirelessly working to attract high-quality investments to the country, enhancing the business climate and ensuring that all investment pledges are fulfilled. This, along with efforts to prepare the labor force for market absorption, gives us confidence that we will achieve our PDP targets,” Balisacan concluded. (NEDA)
