Ben Madilynn
THE country’s unemployment rate rose to 4.7 percent in July 2024, up from 3.1 percent in June, but remained lower than the 4.7 percent recorded in the same month last year.
The Philippine Statistics Authority (PSA) reported on Friday, September 6, 2024, that the country’s labor participation rate (LFPR), or the total number of Filipinos aged 15 and over who were in the labor force, stood at 50.07 million, lower than the 51.90 million Filipinos last month.
Of the total Filipinos in the labor force, 47.70 million or 95.3 percent are employed, while 2.38 million or 4.7 percent are unemployed.
Of the 47.70 million employed, 12.1 percent or 5.78 million are underemployed. This means they have expressed a desire for additional work hours in their current job, another job, or a new job with longer hours.
On average, employed persons worked 41.1 hours per week, lower than the average hours worked in a week in July 2023 at 42.4 hours, but higher than the average hours worked in a week in June 2024 at 40.9 hours.
The services sector remained the top sector for employment, accounting for 60.8 percent of the total employed persons in July 2024, while the agriculture and industry sectors represented 21.2 percent and 18.0 percent, respectively.
In a statement, the National Economic and Development Authority said 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.
The Neda said the country’s current low unemployment rate, compared to the same period in 2023, 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.
Job-generating investments
Neda Secretary Arsenio Balisacan said among the government’s strategies to support Filipino workforce 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,” Balisacan said.
Balisacan said the Neda is also in the final stage of planning for 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 emphasized the importance of fast-tracking infrastructure development in energy, logistics, and both physical and digital connectivity to overcome 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,” Balisacan said.
“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,” he added. (TPM/SunStar Philippines)
