By Brian Jules Campued
President Ferdinand R. Marcos Jr. has reiterated his commitment to sustain employment growth and improve labor conditions in the country following significant progress in the December 2023 Labor Force Survey.
“Looking ahead, our government remains committed to fostering a conducive and enabling environment for employment growth,” President Marcos said in a statement posted on his official social media account.
Citing the latest data from the Philippine Statistics Authority (PSA), Marcos noted the lower jobless rate of 3.1% and the subsequent increase in employment rate at 96.9% correspond to more opportunities now available for the workforce.
He added that there is growing confidence in the Philippine economy as reflected by an improved labor force participation rate of 66.6% in December 2023 from the recorded 66.4% in December 2022.
“Furthermore, underemployment has also decreased to 11.9%, indicating an improvement in job quality and stability,” said the President.
To sustain the said momentum in the overall labor force participation, the Chief Executive said the government will pursue upskilling and reskilling programs to help the Filipino workforce adapt to and thrive in the emerging demands of the modern labor market.
“We will continue to implement both demand- and supply-side interventions, including pro-investment reforms and strategic partnerships, to attract more investments,” he added.
Meanwhile, Finance Secretary Ralph Recto said that they will continue to foster an environment that is conducive to employment-generating investments.
“We will prioritize empowering our workforce through substantial investments in human capital development. This will enhance their preparedness for high-quality employment opportunities,” Secretary Recto stated.
Recto added that the Department of Finance (DOF) is working on amending the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to address investor concerns and tailor fit incentives.
“Quality jobs need to be created in sectors with current labor supply constraints, as well as in other higher value-added sectors like BPO, IT, construction, accounting, and healthcare, among others,” Recto said.
The implementation of the President’s Build Better More program and the Public-Private Partnership Code is also expected to boost economic activity and generate more jobs.
“Improving labor quality ultimately raises productivity, resulting in increased real wages and leading to higher economic growth,” the Finance Chief added.
On other hand, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, noted that there were employment losses in the wholesale and retail trade, administrative and support service activities, and fishing and aquaculture.
Balisacan emphasized the need to increase the utilization of digital technology in order to address the issues in employment losses in various sectors.
“Accelerating digitalization and improving connectivity through a more competitive and vibrant ICT sector can be a game changer, especially when considering the socioeconomic opportunities that can be created and multiplied for small business owners and those in far-flung areas,” he said.
NEDA will also continue to push for the passage of the Apprenticeship Bill, Lifelong Learning Bill, and Enterprise Productivity Act.
“These efforts will complement the various initiatives to provide upgraded and expanded employment facilitation services to support our robust labor market,” the NEDA chief added. – avds