By Brian Campued
The full-year unemployment figure from October 2023 to October 2024 is better than the 2024 target set by the Philippine Development Plan, according to the National Economic Development Authority (NEDA).
This is despite the slight uptick in the jobless rate from 3.7% or 1.89 million individuals in September 2024 to 3.9% or about 1.97 million in October as reported by the Philippine Statistics Authority.
Both figures were lower than the 4.2% unemployment rate or 2.09 million individuals in October last year.
“This reduction brings the full-year figure down to 4.3% from 4.6%, better than the 2024 target set by the Philippine Development Plan of 4.4% to 4.7%,” NEDA said in a statement Friday.
Employment rate was recorded at 96.1% in October 2024 compared to 95.8% during the same month last year. This translates to a total employment reaching 48.16 million during the period, an increase of 369,000 Filipinos from last year and approximately 600,000 in full-year job creation.
However, 6.08 million people—primarily from the wholesale and retail trade, agriculture, and forestry sectors—sought additional working hours to augment their income in October compared to 5.60 million individuals during the same month last year.
NEDA Secretary Arsenio Balisacan said the enhanced initiatives of the government to boost domestic employment opportunities and generating high-quality jobs helped improve the overall employment situation in the country.
“The latest survey results show positive employment outcomes, with notable progress in reducing unemployment. Full-year headline figures reflect sustained improvement but underscore the need to intensify efforts to create more and better-quality jobs to meet the target set in the Philippine Development Plan by 2028,” Balisacan said.
The NEDA chief highlighted 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 Framework Act are seen to stimulate economic growth by generating more jobs and addressing gaps in the labor sector.
NEDA is also finalizing the Trabaho Para Sa Bayan Plan, a 10-year plan which will serve as a guide to boost the Philippine labor market over the next decade.
Following the spate of tropical cyclones that battered the country, Balisacan said the government is developing a framework for public-private partnerships to fund climate change mitigation efforts, such as building climate-resilient infrastructure and providing emergency employment assistance and other support for displaced workers.
Likewise, the Department of Labor and Employment is implementing cash-for-work initiatives under the Tulong Panghanapbuhay Para sa Ating Displaced Workers Program.
NEDA is set to release the 2024 Philippine Development Report in December, assessing sectoral performance and recommending policy directions and strategies for the next two years.