The Philippine Statistics Authority (PSA) said Wednesday the country’s unemployment rate decreased to 3.2 percent in November 2024 from 3.6 percent in the same month last year.
The latest Labor Force Survey also showed a decline in the underemployment rate to 10.8 percent in November 2024 from 11.7 percent in November 2023, indicating better job quality and fewer workers seeking additional work hours or jobs.
“Our labor market remains robust, with consistently high employment rates and reduced underemployment. The next step is to expand business and employment opportunities to enable more Filipinos to actively and productively contribute to the economy. Moreover, we will encourage business upgrading and skills training programs to ensure that these jobs offer competitive wages as our workers raise their productivity by developing their human capital,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.
The labor force participation rate (LFPR) in November was 64.6 percent, lower than the estimated 65.9 percent for November 2023.
Youth LFPR declined to 32.4 percent, down from 34.4 percent in the same month last year. Many young individuals cited schooling (402,000) for not participating in the labor force. Similarly, the female LFPR fell to 53.9 percent, down from 55.4 percent, primarily due to prime-working-age women prioritizing household responsibilities (445,000).
NEDA highlighted a multifaceted approach to ensuring an efficient labor market. This approach involves enabling investments in quality job-generating sectors, enhancing skills and workforce mobility, and improving employment facilitation services.
“The government needs to facilitate the adoption of alternative work arrangements to account for workers’ evolving preferences while considering organizations’ emerging demands. In addition, the government focuses on accelerating government programs that will increase employability, especially among the youth,” Balisacan said.
Balisacan also emphasized the timely implementation of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act and the Enterprise-Based Education and Training (EBET) Framework Act, underscoring the government’s commitment to improving the business climate, attracting investments, generating employment, and equipping the workforce with skills to meet the demands of emerging industries.
Recognizing the challenges posed by calamities, particularly to agriculture, the Department of Social Welfare and Development (DSWD) will expand its cash-for-work and training programs, such as the Local Adaptation to Water Access (LAWA) and Breaking Insufficiency through Nutritious Harvest for the Impoverished (BINHI), to reach climate-vulnerable communities.
“The effective implementation of the Building on Social Protection for Anticipatory Action and Response in Emergencies and Disasters Program will help minimize the impact of flooding, typhoons, and droughts by preparing communities and implementing protective measures before disasters strike,” Balisacan said.
“The government complements these efforts by developing climate-resilient infrastructure and early warning systems to strengthen agricultural productivity and build long-term resilience,” he said.
The DSWD, in partnership with NEDA and the Department of Labor and Employment (DOLE), is developing a tool to better assess beneficiaries’ eligibility for the Ayuda Para sa Kapos ang Kita Program (AKAP) and minimize leakage or duplication of aid. A process monitoring and impact evaluation mechanism will also form part of the program’s implementation to help ensure its efficiency and effectiveness. “In line with these efforts, we remain committed to achieving our employment targets under the Philippine Development Plan 2023-2028. The 2024 Philippine Development Report, which NEDA will release this month, will guide our efforts with evidence-based strategies to create quality jobs and sustain economic growth,” Balisacan said.
