The Philippine Statistics Authority’s (PSA) latest Labor Force Survey revealed the unemployment rate dropped to 3.2 percent in November 2024, an improvement from 3.6 percent in the same month recorded the previous year.
Underemployment also fell to 10.8 percent, down from 11.7% a year ago, signaling better job quality and fewer workers seeking additional hours or jobs.
“Our labor market remains robust, with consistently high employment rates and reduced underemployment,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a statement.
“The next step is to expand business and employment opportunities to enable more Filipinos to actively and productively contribute to the economy,” he added.
The NEDA chief emphasized the government’s commitment to improving job quality, highlighting plans to promote business upgrading and skills training programs.
“These initiatives will ensure that jobs offer competitive wages as workers enhance their productivity by developing their human capital,” Balisacan said.
The improved employment numbers align with the government’s objectives under the Philippine Development Plan 2023-2028. The plan incorporates a range of initiatives, including facilitating alternative work arrangements to meet evolving worker preferences and organizational demands.
Key legislative measures such as 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 are also driving progress. NEDA said these programs aim to generate employment and equip the workforce with relevant skills.
The agency plans to release later this month the 2024 Philippine Development Report, which it explained will provide evidence-based strategies to sustain economic growth and create quality jobs.
“The government remains steadfast in achieving its employment targets and ensuring an efficient labor market,” Balisacan said.
