Unemployment rate in the Philippines fell to 3.7 percent in September 2024 from 4.5 percent a year ago, the Philippine Statistics Authority (PSA) said Wednesday.
Some 49.9 million Filipinos were employed in September 2024, up by 2.2 million from the same period the previous year, data showed.
The National Economic and Development Authority (NEDA) said enhancing job quality and improving the incomes of Filipino workers are among the government’s top priorities as the labor market showed continued improvement.
“We are sustaining our efforts to enhance all dimensions of our labor market. The government is urgently addressing the constraints to high-quality job creation and collaborating with the private sector to capacitate our workers with the right skills and competencies simultaneously,” NEDA Secretary Arsenio Balisacan said in a statement.
The total labor force participation rate (LFPR) increased to 65.7 percent from 64.0 percent in the same period last year. An additional 1.8 million Filipinos, mainly among the prime working age (up 1.1 million) and women (up 1.2 million), entered the labor force.
The female LFPR improved to 55.7 percent from 53.4 percent, with fewer women citing household duties as a hindrance to being economically active (-835,000).
Meanwhile, the underemployment rate increased in September 2024 to 11.9 percent from 10.7 percent in September 2023.
Balisacan said the government would continue implementing supply- and demand-side interventions to achieve the quality employment targets set in the Philippine Development Plan 2023-2028.
He said fast-tracking the implementation of key infrastructure projects, particularly in energy, logistics, and physical and digital connectivity, remains critical to unlocking the country’s growth potential.
“The passage of the Konektadong Pinoy Bill and expanding efforts to equip the workforce with emerging and in-demand skills are deemed necessary. We will strengthen collaboration with the private sector and academe to upskill the workforce, particularly in using digital technologies and other innovations,” said Balisacan.
He said that the passage of the Apprenticeship Bill, Lifelong Learning Bill and Enterprise Productivity Act would further improve the employability of the Filipino workforce.
He said the government is now working to finalize the Trabaho Para sa Bayan (TPB) Plan. The 10-year roadmap will include strategies to encourage investments in priority sectors, improve the employability of the current and future workforce and enhance labor market governance for the next decade.
The TPB Secretariat concluded its regional consultations in October this year and is set to begin drafting the plan, which is targeted to be finalized by the end of 2024.
