The number of jobless Filipinos continued to decrease in August, indicating a promising holiday season for the Philippines, the government said Tuesday.
The Philippine Statistics Authority (PSA) reported that the unemployment rate fell to 4.4 percent in August, down from 4.7 percent in July this year.
In terms of magnitude, the number of unemployed Filipinos individuals in August was registered at 2.07 million, lower than the estimated number of unemployed persons of 2.22 million in August 2023 and 2.38 million in July 2024.
The total number of employed Filipinos as of August 2024, on the other hand, reached 49.2 million, higher than 48.1 million in August 2023.
The underemployment rate also declined to 11.2 percent in August 2024 from 11.7 percent in the same month last year.
Meanwhile, the country’s labor force participation rate stood at 64.8 percent in August 2024 from 64.7 percent in the same month last year.
“Coupled with the country’s four-year-low inflation rate in September 2024 at 1.9 percent, the positive results of our labor force survey can lead us to a more vibrant holiday season,” NEDA Secretary Arsenio M. Balisacan said.
He added that ensuring adequate investments in human capital and priority sectors is key to realizing the transformation agenda outlined in the Philippine Development Plan 2023-2028.
Finance Secretary Ralph G. Recto expressed optimism over the 1.45 million new jobs created for Filipinos in August 2024, anticipating even more employment opportunities as inflation drops to a four-year low and the holiday season approaches.
“I am very glad of the back-to-back good news. Asahan po natin na mas maraming trabaho ang magbubukas para sa ating mga kababayan dahil sa patuloy na pagbaba ng inflation rate na magpapalakas sa kita ng ating mga negosyo at bawat pamilya. At the same time, we expect more economic opportunities to be created, especially in the wholesale and retail trade sectors, as the holiday season nears and shopping peaks,” Recto said.
“The latest monetary policy easing due to the deceleration of inflation will also encourage further growth in consumption and investment that translate to more quality employment for Filipinos. More and better jobs will allow Filipino families to spend more, boosting our economy,” he added.
Moreover, the drafting of the Trabaho Para Sa Bayan (TPB) Plan 2025-2034 will begin next month, and its finalization is expected by the end of the year. The TPB Inter-Agency Council, chaired by Balisacan, will lead the crafting of the master plan in coordination with other relevant government agencies and stakeholders.
So far, NEDA is set to finish the final leg of the TPB Plan’s regional consultations and has engaged with various stakeholders. The last two consultations will be in Regions X and XII in late October.
Balisacan again called for the swift passage of the Konektadong Pinoy Bill, stating that it will usher advancements across various sectors, including ICT, education, health, and agriculture.
“Such advancements will immensely expand our countrymen’s access to various market opportunities as well as programs on upskilling and retooling to equip Filipinos for better jobs,” he added.
Moreover, Balisacan said that fast-tracking the implementation of key infrastructure projects, particularly in energy, logistics, and physical and digital connectivity, is critical to attracting investments in higher value-added sectors such as manufacturing and agribusiness, as well as raising labor productivity.
“With the government’s continued focus on attracting strategic investments and the timely passage of key reforms, the Philippines is well-positioned to translate its promising macroeconomic fundamentals into long-term prosperity for its workforce and economy,” he stated.
