October 9, 2024 | 12:00am
MANILA, Philippines — The country’s unemployment rate dropped to four percent in August as more women joined the labor force, according to the Philippine Statistics Authority (PSA).
National Statistician Dennis Mapa said in a press briefing yesterday that the preliminary results of the PSA’s Labor Force Survey showed the jobless rate in August fell from 4.7 percent in July 2024 and 4.4 percent in August 2023.
This translates to 2.07 million unemployed Filipinos in August, down from the previous month’s 2.38 million and 2.22 million in August last year.
The country’s employment rate improved to 96 percent in August from 95.3 percent in July and 95.6 percent in August 2023.
There were 49.15 million employed Filipinos in August, higher than the previous month’s 47.7 million and 48.07 million in August 2023.
Mapa attributed the decline in unemployment and higher employment to the participation of more female workers in the labor force.
“One major factor we saw this August 2024 is that many women participated in the labor force and many of them were absorbed in the labor market,” Mapa said.
The labor force participation rate of women was at 54.7 percent in August, up from 52.4 percent in July and 52.9 percent in August 2023.
The PSA data also showed the country’s underemployment rate dipped to 11.2 percent in August from 12.1 percent in July and 11.7 percent in August last year.
There were 5.48 million underemployed Filipinos or those who sought additional hours of work or an additional job in August. This was lower than the 5.78 million in the previous month and 5.63 million in August last year.
The labor force participation rate increased to 64.8 percent in August from 63.5 percent in July and 64.7 percent in August 2023.
In terms of magnitude, there were 51.22 million Filipinos aged 15 years and older in the labor force in August, higher than the 50.07 million in the previous month and 50.29 million in August 2023.
The PSA expects improvements in employment data in the coming months with additional jobs typically created by increased economic activity during the holiday season.
“We have an expectation that there will be further increase both in labor force participation and employment in the last quarter,” Mapa said.
With promising labor market results, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Filipinos could experience a better holiday season this year.
“Coupled with the country’s four-year-low inflation rate in September 2024 at 1.9 percent, the positive results of our labor force survey can lead us to a more vibrant holiday season,” Balisacan said.
According to Balisacan, the government is set to start drafting the Trabaho Para Sa Bayan (TPB) Plan 2025 to 2034 next month and finalize it by the end of the year.
The TPB inter-agency council chaired by Balisacan will lead the crafting of the employment master plan in coordination with other government agencies and stakeholders.
Balisacan also made a renewed call for the immediate passage of the Konektadong Pinoy Bill, which is expected to bring advancements across various sectors, including information and communications technology, education, health and agriculture.
“Such advancements will immensely expand our countrymen’s access to various market opportunities as well as programs on upskilling and retooling to equip Filipinos for better jobs,” Balisacan said.
To attract investments in higher value-added sectors such as manufacturing and agribusiness and create jobs, he said there is a need to fast track the implementation of key infrastructure projects, particularly in energy, logistics and physical and digital connectivity.
“With the government’s continued focus on attracting strategic investments and the timely passage of key reforms, the Philippines is well-positioned to translate its promising macroeconomic fundamentals into long-term prosperity for its workforce and economy,” the NEDA chief said.
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