PH unemployment rate declines in July

JOBLESS FILIPINOS. National Economic and Development Authority Sec. Arsenio Balisacan, together with National Statistician Dennis Mapa, speak at a briefing at the Philippine Statistics Authority office in Quezon City on Aug. 8, 2024. On Friday (Sept. 6, 2024), Balisacan reiterated the government’s commitment to attracting job-generating investments and implementing reskilling and upskilling programs for Filipinos following the decline to 4.7% in the unemployment rate in July 2024 from 4.9% during the same month last year. (Photo courtesy of Jess M. Escaros Jr./PNA)

By Anna Leah Gonzales | Philippine News Agency

The country’s unemployment rate decreased to 4.7% in July from 4.9% in the same month last year, the Philippine Statistics Authority (PSA) said Friday.

In a briefing, National Statistician Dennis Mapa said the results of the latest labor force survey showed that in terms of magnitude, the total number of unemployed individuals in July 2024 was registered at 2.38 million.

The decline in July brings the year-to-date unemployment rate to 4.4%, meeting the nation’s target range of 4.4% to 4.7% for this year.

Mapa said the Labor Force Participation Rate (LFPR) in July was estimated at 63.5%, or about 50.07 million Filipinos aged 15 years and higher who were employed or unemployed, up from 46.85 million in July last year.

Employment rate slightly went up to 95.3% in July this year from 95.1% in the same month a year ago.

The number of employed Filipinos was estimated at 47.7 million, higher than the 44.56 million recorded in July 2023.

Mapa said the major industries with the largest increase in employment include the wholesale and retail trade (+1.07 million), agriculture and forestry (+936,000), accommodation and food service activities (+512,000), public administration and defense (+385,000), and construction (+171,000).

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 5.78 million, translating to an underemployment rate of 12.1%, down from 15.9% in July 2023.

In a statement, the National Economic and Development Authority (NEDA) said the government is prioritizing efforts to attract investments in sectors that generate high-quality jobs.

NEDA said the latest labor force survey showed a vibrant labor market aligning with the targets set in the Philippine Development Plan (PDP) 2023-2028.

According to NEDA, the current unemployment rate is comparable to that of major Asian economies and is even better than India’s 7.9% and China’s 5.1%.

NEDA Sec. Arsenio Balisacan said the government is attracting job-generating investments, scaling up social and physical infrastructure to enhance employment prospects, and implementing re-skilling and upskilling programs to improve job security and adaptability.

“While we welcome the continuing positive developments in our nation’s labor market, our work certainly does not end there. For its part, NEDA is committed to mobilizing a whole-of-government approach to secure job-generating investments nationwide,” Balisacan said.

NEDA is also finalizing the Trabaho Para sa Bayan Master Plan to enhance job opportunities and work skills for Filipinos.

“The swift enactment and implementation of the Konektadong Pinoy Bill, and the expansion of upskilling programs are crucial for advancing the country’s digital transformation and harnessing opportunities presented by cutting-edge innovation,” Balisacan said.

“The Marcos administration is tirelessly working to attract high-quality investments to the country, enhancing the business climate and ensuring that all investment pledges are fulfilled. This, along with efforts to prepare the labor force for market absorption, gives us confidence that we will achieve our PDP targets.”

Popular

PBBM, Malaysian PM tackle economic, security issues faced by ASEAN

By Ruth Abbey Gita-Carlos | Philippine News Agency President Ferdinand R. Marcos Jr. spoke with Malaysian Prime Minister Anwar Ibrahim over the phone on Friday...

NMC: China’s ‘seizure’ of Sandy Cay ‘clear example of disinformation’

By Ruth Abbey Gita-Carlos | Philippine News Agency The National Maritime Council (NMC) on Saturday slammed China’s disinformation activities by announcing that it has taken...

PCO eyes inter-agency task force to combat fake news

By Christopher Lloyd Caliwan | Philippine News Agency The Presidential Communications Office (PCO) on Friday said it would create an inter-agency task force to combat...

DepEd boosting intervention amid poor literacy report among grads

By Joyce Ann L. Rocamora | Philippine News Agency The Department of Education (DepEd) assured on Thursday that the government has been intensifying interventions in...