malaysiangManila: The country’s unemployment rate decreased to 4.7 percent in July from 4.9 percent in the same month last year, the Philippine Statistics Authority (PSA) said Friday.
In a briefing, National Statistician Dennis Mapa said the results of the latest labor force survey showed that in terms of magnitude, the total number of unemployed individuals in July 2024 was registered at 2.38 million.
The decline in July brings the year-to-date unemployment rate to 4.4 percent, meeting the nation’s target range of 4.4 percent to 4.7 percent for this year.
Mapa said the Labor Force Participation Rate (LFPR) in July was estimated at 63.5 percent, or about 50.07 million Filipinos aged 15 years and higher who were employed or unemployed, up from 46.85 million in July last year.
Employment rate slightly went up to 95.3 percent in July this year from 95.1 percent in the same month a year ago.
The number of employed Filipinos was estimated at 47.7 million, higher than the 44.56 million recorded in July 2023.
Mapa said
the major industries with the largest increase in employment include the wholesale and retail trade (+1.07 million), agriculture and forestry (+936,000), accommodation and food service activities (+512,000), public administration and defense (+385,000), and construction (+171,000).
The number of underemployed, or those who expressed the desire to have additional hours of work in their present job or to have an additional job or to have a new job with longer work hours, stood at 5.78 million, translating to an underemployment rate of 12.1 percent, down from 15.9 percent in July 2023.
In a statement, the National Economic and Development Authority (NEDA) said the government is prioritizing efforts to attract investments in sectors that generate high-quality jobs.
NEDA said the latest labor force survey showed a vibrant labor market aligning with the targets set in the Philippine Development Plan (PDP) 2023-2028.
According to NEDA, the current unemployment rate is comparable to that of major Asian economies
and is even better than India’s 7.9 percent and China’s 5.1 percent.
NEDA Secretary Arsenio Balisacan said the government is attracting job-generating investments, scaling up social and physical infrastructure to enhance employment prospects, and implementing reskilling and upskilling programs to improve job security and adaptability.
‘While we welcome the continuing positive developments in our nation’s labor market, our work certainly does not end there. For its part, NEDA is committed to mobilizing a whole-of-government approach to secure job-generating investments nationwide,’ Balisacan said.
NEDA is also finalizing the Trabaho Para sa Bayan Master Plan to enhance job opportunities and work skills for Filipinos.
“The swift enactment and implementation of the Konektadong Pinoy Bill, and the expansion of upskilling programs are crucial for advancing the country’s digital transformation and harnessing opportunities presented by cutting-edge innovation,” Balisacan said.
‘The Marcos administration is tire
lessly working to attract high-quality investments to the country, enhancing the business climate and ensuring that all investment pledges are fulfilled. This, along with efforts to prepare the labor force for market absorption, gives us confidence that we will achieve our PDP targets.’
Source: Philippines News Agency
