The Philippines’ unemployment rate fell to a six-month low of 3.1 percent in December 2024 but was unchanged from a year ago, the Philippine Statistics Authority (PSA) said Thursday.
Full-year unemployment also hit a low of 3.8 percent in 2024, below the government’s target under the Philippine Development Plan 2023-2028.
The PSA said that in terms of magnitude, the number of unemployed individuals in December 2024 was 1.63 million, higher than 1.60 million in December 2023, but lower than November’s 1.66 million.
Finance Secretary Ralph Recto welcomed the unprecedented progress in the Philippines’ labor market in 2024, with the full-year average unemployment rate at its lowest level since the PSA started compiling comparable data in 2005.
He said the quality jobs for Filipinos are also on the rise.
The annual average unemployment rate is below the full-year target range of 4.4 percent to 4.7 percent set under the Philippine Development Plan 2023-2028. This also surpassed the 4 percent to 5 percent target set for 2028
Some 48.8 million Filipinos were employed in 2024—the highest full-year level recorded. The quality of jobs for Filipinos also improved, as the full-year underemployment rate dropped to 11.9 percent —its lowest ever.
Recto assured the public that the government would continue to promote programs to provide more quality jobs for Filipinos.
“And we do not just aim to simply create jobs. We are focusing heavily on improving education, infrastructure, and human development to ensure that we build a Filipino workforce equipped with the tools and opportunities they need to compete on the global stage,” he said.
The employment rate was estimated at 96.9 percent, representing 50 million employed persons, lower than the 50.52 million in December 2023 but higher than November’s 49.54 million.
The underemployment rate, which measures the number of workers seeking additional work or longer hours, decreased to 10.9 percent in December 2024 from 11.9 percent in December 2023 and was slightly up from 10.8 percent in November 2024. About 5.48 million of the 50.19 million employed individuals in December 2024 expressed a desire for more work, the PSA said.
“Following the strategies outlined in the Philippine Development Report 2024, particularly those that strengthen the labor market, is crucial to sustaining our economic momentum and providing higher earning opportunities for Filipinos,” said National Economic and Development Authority Secretary Arsenio Balisacan.
“The government remains committed to advancing both supply- and demand-side measures that will foster a more dynamic labor environment and meet the targets set in the Philippine Development Plan 2023-2028,” he said.
The labor force participation rate was 65.1 percent in December 2024, down from 66.6 percent in December 2023.
The youth labor force participation rate also eased to 31.9 percent from 34.5 percent, mainly due to schooling, which affected 479,000 people.
The female labor force participation rate dropped to 54.7 percent from 56.3 percent, as more women cited household responsibilities as a barrier to employment, affecting 671,000 people.