The Philippines saw a drop in unemployment in February 2024, with more Filipinos finding jobs compared to the same month last year, according to the Philippine Statistics Authority (PSA).
National statistician and civil registrar general Claire Dennis Mapa said the country’s unemployment rate in February 2024 dropped to 3.5 percent, from 4.8 percent in February of the previous year and 4.5 percent in January 2024.
In terms of magnitude, the number of unemployed persons 15 years old and over in February 2024 was estimated at 1.80 million.
This was lower than the 2.47 million and 2.15 million unemployed individuals in February 2023 and January 2024, respectively.
The employment rate, on the other hand, went up to 96.5 percent, from 95.2 percent in the same month of the previous year and 95.5 percent in January 2024.
In terms of levels, the number of employed persons was registered at 48.95 million, higher than the recorded number of employed persons in February 2023 at 48.80 million and in January 2024 at 45.94 million.
The country’s labor force participation rate (LFPR) in February stood at 64.8 percent, lower than the recorded LFPR in February 2023 at 66.6 percent, but higher than the January 2024 LFPR at 61.1 percent.
In a separate statement, the National Economic and Development Authority (NEDA) said that the government remains firm in prioritizing people-centered policies and attracting job-creating investments to support the continued improvement of the Philippine labor market so as to enable Filipinos to earn higher wages from better jobs.
“The government remains resolute in creating an enabling policy and regulatory environment to attract employment-generating investments. We will also continue to implement measures to address bottlenecks and expedite processes to realize investment pledges, particularly in priority sectors holding much promise, such as renewable energy and critical minerals,” NEDA Secretary Arsenio M. Balisacan said.
He added that the Inter-Agency Investment Promotion Coordination Committee is currently managing the formulation of the medium- and long-term Foreign Investment Promotion and Marketing Plan.
“We also recognize that the fast-tracked implementation of the government’s infrastructure flagship projects, housing program, and recovery of the tourism sector contributed to positive employment outcomes,” said Balisacan.
Balisacan added that the government will revisit the existing policy governing alternative work modes, such as the Telecommuting Act, and adapt it to the evolving work landscape to address the growing preference for remote work.
“The government will explore enhancing the potential of part-time work to help promote lifelong learning. A framework for part-time work and similar set-ups can allow workers to retool or upskill without leaving the workforce,” he said.