The Philippines’ unemployment rate fell to 4.1 percent in May 2024, down from 4.3 percent in the same month last year, the Philippine Statistics Authority said Monday.
The number of unemployed Filipinos decreased to 2.11 million from 2.17 million in May 2023.
Total employment reached 48.9 million as of May 2024, an increase of 605,000 from the previous year. The expansion was driven by the industry (+1.2 million) and services (+982,000) sectors.
The construction and manufacturing subsectors saw significant growth, adding 745,000 and 347,000 jobs, respectively. The National Economic and Development Authority (NEDA) attributed this to the implementation of programs under the Marcos administration.
NEDA also noted a decrease in underemployment to 9.9 percent in May 2024 from 11.7 percent in May 2023, marking the lowest level since 2005.
“The government remains committed to boosting investments and enacting key reforms to sustain the positive momentum in the labor market and create more quality jobs for Filipinos,” NEDA said in a statement.
NEDA Secretary Arsenio Balisacan said the government’s infrastructure projects and the Pambansang Pabahay Para sa Pilipino (4PH) program have led to a rise in demand for construction workers and materials, resulting in more job opportunities in these sectors.
However, the agriculture sector lost 1.6 million jobs due to El Niño and Typhoon Aghon. Geopolitical tensions in the West Philippine Sea also negatively affected fishing activities in the area.
NEDA Secretary Balisacan emphasized the importance of disaster preparedness and support for workers affected by natural disasters, particularly in agriculture. This includes improving weather forecasting and providing livelihood support programs during disasters.
The survey results showed an increase in middle-skilled employment by 2.0 million, wage and salaried employment by 1.5 million (including 1.3 million in private establishments), and full-time jobs by 2.8 million.
NEDA noted a decrease in the number of Filipinos working part-time (1.7 million) and in vulnerable employment (763,000) compared to the previous year.
“We must persist in efforts to boost investments and implement technological and innovative reforms to enhance productivity and create more high-quality employment opportunities,” Balisacan said.
NEDA highlighted the role of digital technologies in improving public sector employment facilitation services, training programs, and skills forecasting for policy planning. The recent launch of the National Artificial Intelligence (AI) Strategy Roadmap 2.0 is expected to accelerate AI development, expand upskilling programs for the workforce, and increase the adoption of AI-enabled processes by businesses.
To sustain the positive labor market trend and create high-quality jobs, NEDA is crafting the Trabaho Para sa Bayan (TPB) Plan.
“Public consultations for the TPB Plan have been ongoing across all regions since June,” Balisacan said. “We want to involve both employers and workers in understanding how changes in the economy, society, and the environment are affecting the world of work and how different actors are adjusting.”
The TPB Plan will serve as the country’s blueprint for comprehensive employment generation and recovery. It will outline robust employment policies with strong implementation measures and concrete targets. NEDA is committed to finalizing this plan by the end of the year.
Be the first to comment