The Philippines’ unemployment rate fell to 4.0 percent of the workforce in August 2024, from 4.7 percent in July and 4.0 percent a year ago, according to the Philippine Statistics Authority (PSA) on Tuesday.
“In terms of magnitude, the number of unemployed individuals in August 2024 was recorded at 2.07 million. This was less than the PSA’s estimates of 2.22 million unemployed in August 2023 and 2.38 million in July 2024.
The National Economic and Development Authority (NEDA) stated that the most recent labor force survey results, point to a possibly brighter holiday season for Filipinos.
The employment rate was predicted to be 96.0 percent in August 2024, up from 95.6 percent in August 2023 and 95.3 percent in July 2024. In terms of level, the expected number of employed people in August 2024 is 49.15 million, up from 48.07 million in August 2023 and 47.70 million in July 2024.
The labor force participation rate (LFPR) in August 2024 was recorded at 64.8 percent, exceeding the predicted LFPRs in August 2023 (64.7 percent) and July 2024 (63.5 percent).
On average, those who were employed worked 40.7 hours per week, a decrease from 40.8 hours in August 2023 and 41.1 hours in July 2024.
The underemployment rate fell to 11.2 percent in August 2024, from 11.7 percent in August 2023 and 12.1 percent in July 2024.
“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 Balisacan said.
He stated that significant investments in human resources and priority sectors are critical to achieving the transformation goal contained in the Philippine Development Plan 2023–2028.
The preparation of the Trabaho Para Sa Bayan (TPB) Plan 2025-2034 will begin next month, with completion expected by the end of the year. The TPB Inter-Agency Council, chaired by Balisacan, will develop the master plan in collaboration with other relevant government agencies and stakeholders.
NEDA is about to complete the final leg of the TPB Plan’s regional consultations and has met with a variety of stakeholders. The final two consultations will be held in Regions X and XII in late October.
Balisacan reiterated his call for the Konektadong Pinoy Bill to be passed as soon as possible, claiming that it will pave the way for developments in 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,” according to him.
Balisacan emphasized the importance of expediting the development of crucial infrastructure projects, particularly in energy, transportation, and both physical and digital connectivity. This is essential for attracting investments in higher value-added sectors such as manufacturing and agribusiness, as well as for enhancing 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.