The Philippines’ unemployment rate declined to 4.0 percent of the labor force in August 2024, down from 4.7 percent in July and 4.0 percent a year earlier, the Philippine Statistics Authority (PSA) reported Tuesday.
“In terms of magnitude, the number of unemployed individuals in August 2024 was registered at 2.07 million. This was lower than the estimated number of unemployed persons of 2.22 million in August 2023 and 2.38 million in July 2024,” the PSA said.
The National Economic and Development Authority (NEDA) said the latest labor force survey results suggest a potentially brighter holiday season for Filipinos.
The employment rate in August 2024 was estimated at 96.0 percent, up from 95.6 percent in August 2023 and 95.3 percent in July 2024. In terms of level, the number of employed persons in August 2024 was estimated at 49.15 million, higher than the 48.07 million in August 2023 and 47.70 million in July 2024.
The labor force participation rate (LFPR) in August 2024 was registered at 64.8 percent, higher than the estimated LFPR in August 2023 at 64.7 percent and in July 2024 at 63.5 percent.
On average, employed persons worked 40.7 hours per week, down from 40.8 hours in August 2023 and 41.1 hours in July 2024.
The underemployment rate in August 2024 decreased to 11.2 percent from 11.7 percent in August 2023 and 12.1 percent in July 2024.
“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,” said NEDA Secretary Arsenio Balisacan.
He said ensuring adequate investments in human capital and priority sectors is key to realizing the transformation agenda outlined in the Philippine Development Plan 2023-2028.
The drafting of the Trabaho Para Sa Bayan (TPB) Plan 2025-2034 will begin next month, and its finalization is expected by the end of the year. The TPB Inter-Agency Council, chaired by Balisacan, will lead the crafting of the master plan in coordination with other relevant government agencies and stakeholders.
NEDA is set to finish the final leg of the TPB Plan’s regional consultations and has engaged with various stakeholders. The last two consultations will be in Regions X and XII in late October.
Balisacan again called for the swift passage of the Konektadong Pinoy Bill, saying this would usher advancements across various sectors, including ICT, 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,” he said.
Balisacan said fast-tracking the implementation of key infrastructure projects, particularly in energy, logistics, and physical and digital connectivity, is critical to attracting investments in higher value-added sectors such as manufacturing and agribusiness, as well as raising labor productivity.
“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,” he said.
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