The Philippines continues its momentum towards economic recovery and workforce empowerment as the country’s unemployment rate hits a record-low of 3.1% in June 2024.
This significant achievement in the labor market reflects the government’s steadfast focus on generating high-quality employment opportunities for Filipino workers, as underscored by the National Economic and Development Authority (NEDA).
Recent data released by the Philippine Statistics Authority (PSA) revealed a substantial decline in the unemployment rate, dropping from 4.5% in June 2023 to the current 3.1%. This rate matches the record low set in December 2023, marking the lowest unemployment rate in nearly two decades.
The country now boasts a workforce of 50.3 million employed individuals, with the services sector playing a pivotal role by employing 58.7% of the working population.
Key sectors contributing to the surge in employment include construction, which saw an increase of 938,000 jobs, and manufacturing, adding 353,000 new positions.
NEDA Secretary Arsenio M. Balisacan attributes this growth to the government’s efficient infrastructure projects and favorable conditions for manufacturing entities.
“The government’s increasing investments in renewable energy, water supply, and mining and quarrying have also supported employment growth in these areas,” Secretary Balisacan added.
While challenges persist in agriculture and related fields due to environmental and geopolitical factors, efforts are underway to address these issues and strengthen these vital sectors for sustained growth.
Despite a slight increase in the underemployment rate to 12.1%, translating to 208,000 workers seeking additional work hours, positive shifts are observed in categories such as full-time, wage, salaried, and middle-skilled employment. Declines in part-time and vulnerable employment are enhancing the resilience of the workforce.
Looking ahead, Secretary Balisacan outlined the government’s strategies to prioritize job quality and productivity enhancements.
“To sustain these gains, we will persist in improving the country’s business climate to attract investments that generate higher-quality jobs. The government will address bottlenecks and expedite processes to fulfill investment pledges and reap the benefits of liberalization reforms,” stated Balisacan.
Further, the #NEDA chief epmhasized that the government will continue to enhance productivity by enabling the adoption of emerging technologies and equipping the workforce through upskilling and reskilling.
Balisaca underscored intiatives such as Industry 4.0 facilities, the National AI Strategy Roadmap 2.0, and the proposed Apprenticeship Bill to beintegral components of the government’s agenda.
Balisacan maintains that while celebrating the favorable trends in job creation, the government remains resolute in creating sustainable and high-quality employment opportunities.
The commitment to elevating worker prosperity and ensuring a prosperous future for the Filipino workforce remains paramount, thereby solidifying the nation’s progress towards economic resilience and workforce empowerment.
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