President Ferdinand Marcos Jr. said he is elated with a recent survey showing growth in the country’s labor sector.
“I am pleased to see the significant progress and resilience in our labor market as reflected in the latest labor force survey for December 2023,” the President said, citing the December 2023 Labor Force Survey.
“Our labor force participation rate has climbed to 66.6 percent, indicating a growing confidence in our economy. Our employment rate has also increased, reaching 96.9%, which means more opportunities are opening up for our workforce,” he added.
President Marcos also cited the notable decline in the unemployment rate to a 3.1%, marking a improvement from previous figures.
Further, President Marcos outlined the government’s commitment to enhancing the skills of the workforce to align with the evolving demands of the labor market.
“We will also pursue upskilling and re-skilling initiatives and promote innovation to prepare our workforce with the necessary skills and adaptability to thrive in many high-quality employment opportunities,” the President said.
Highlighting a reduction in underemployment to 11.9%, President Marcos underscored the improved job quality and stability.
He assured the public that under the administration’s framework of “Bagong Pilipinas,” Filipinos would have promising employment prospects.
“In the New Philippines, progress and prosperity are brought to every home, because there are good jobs waiting for every Filipino,” he said.
Furthermore, President Marcos pledged to persist in implementing interventions on both demand and supply sides, including pro-investment reforms and strategic partnerships, aimed at attracting greater investments in the Philippines.
Initiatives such as the Public-Private Partnership Code and the 4PH Housing Program are expected to inject further vigor into economic activity and foster additional job opportunities.