THE Marcos administration’s multifaceted approach to strengthen the Philippine labor market paid off as unemployment and underemployment figures dropped in November last year.
According to the National Economic Development Authority (NEDA), the labor market continues to be robust as indicated by the improved employment numbers.
“Our labor market remains robust, with consistently high employment rates and reduced underemployment. The next step is to expand business and employment opportunities to enable more Filipinos to actively and productively contribute to the economy,” NEDA Secretary Arsenio M. Balisacan said.
“Moreover, we will encourage business upgrading and skills training programs to ensure that these jobs offer competitive wages as our workers raise their productivity by developing their human capital,” he added.
Based on the Philippine Statistics Authority (PSA) latest Labor Force Survey report, the country’s unemployment rate dropped to 3.2 percent in November 2024. This is lower than 3.6 percent reported in the same month last year.
The report also showed a decline in the underemployment rate to 10.8 percent in November 2024 from 11.7 percent in November 2023, “indicating better job quality and fewer workers seeking additional work hours or jobs.”
According to Balisacan, the government remains committed to achieving its employment targets under the Philippine Development Plan 2023-2028, having a multifaceted approach in place to ensure an efficient labor market.
Among these is the effort to facilitate the adoption of “alternative work arrangements to account for workers’ evolving preferences while considering organizations’ emerging demands.”
This goes alongside the implementation of 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, which helps the country’s industries to generate employment, and equip the workforce with relevant skills, he said.
Balisacan said NEDA will be releasing the 2024 Philippine Development Report this month.
This will “guide the government’s efforts “with evidence-based strategies to create quality jobs and sustain economic growth,” he said.
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