By Anna Leah Gonzales | Philippine News Agency
The country’s employment rate went up to 96% in August this year from 95.6% in the same month last year, National Statistician Dennis Mapa said.
In a briefing on Tuesday, Mapa said the results of the latest labor force survey showed that the employment rate in August was also higher than the recorded 95.3% in July this year.
The number of employed Filipinos in August 2024 was estimated at 49.15 million, up from the number of employed persons in August 2023 at 48.07 million and in July 2024 at 47.70 million.
The top five industries with the largest increase in employment included the wholesale and retail trade (+1.13 million), public administration and defense (+678,000), accommodation and food service activities (+537,000), other service activities (+380,000), and transportation and storage (+342,000).
Mapa said the Labor Force Participation Rate (LFPR) in August was estimated at 64.8%, or about 51.22 million Filipinos aged 15 years and higher who were employed or unemployed, up from 50.29 million in August last year.
“The story, basically, is we have more female workers joining the labor force,” said Mapa.
“Year-on-year between August 2023 and August 2024, about 1.03 million female workers joined the labor force and about 1.03 million were absorbed in the labor market, meaning they are employed. Most of them worked for more than 40 hours a week,” he added.
The unemployment rate, meanwhile, fell to 4% from 4.4% in August last year and the 4.7% recorded in July this year.
The number of unemployed Filipinos was estimated at 2.07 million, lower than the 2.22 million in August 2023 and 2.38 million in July this year.
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 5.48 million, translating to an underemployment rate of 11.2%, down from the 11.7% in August 2023.
In a statement, the National Economic and Development Authority (NEDA) said Filipinos are in for a potentially better holiday season due to the promising labor market results.
“Coupled with the country’s four-year-low inflation rate in September 2024 at 1.9%, the positive results of our labor force survey can lead us to a more vibrant holiday season,” NEDA Secretary Arsenio Balisacan said.
Balisacan said ensuring adequate investments in human capital and priority sectors is key to realizing the transformation agenda outlined in the Philippine Development Plan 2023-2028.
According to Balisacan, the drafting of the Trabaho Para Sa Bayan (TPB) Plan 2025-2034 will begin next month, and its finalization is expected by the end of the year.
So far, the NEDA is set to finish the final leg of the TPB Plan’s regional consultations and has engaged with various stakeholders.
The last two consultations will be in Regions 10 and 12 later this month.
Balisacan called for the swift passage of the Konektadong Pinoy Bill, to usher advancements across various sectors, including information and communication technology, 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,” he said.
Balisacan also cited the need to fast-track the implementation of key infrastructure projects, particularly in energy, logistics, and physical and digital connectivity.
He said these are critical to attracting investments in higher value-added sectors such as manufacturing and agribusiness, as well as raising 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,” Balicasan said.