Unemployment rate climbed to 4.7 percent in July 2024 from 4.5 percent in June, but represented an improvement from 4.9 percent a year ago, the Philippine Statistics Authority (PSA) said Friday.
“This decline brings the year-to-date unemployment rate to 4.4 percent, meeting the nation’s target range of 4.4 percent to 4.7 percent for this year,” the PSA said.
The labor force 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 from 15.9 percent the previous year, translating to 1.3 million more Filipinos securing better-quality jobs.
The National Economic and Development Authority (NEDA) said the country’s unemployment rate is comparable to that of major Asian economies and is even better than India’s 7.9 percent and China’s 5.1 percent.
NEDA said the government is prioritizing efforts to attract investments in sectors that generate high-quality jobs.
NEDA Secretary Arsenio 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 said 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 said 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 from 60.0 percent in July 2023, indicating that over 3.2 million more Filipinos 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.
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 said.
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