PSA: Jobless rate falls to 3.9%

The Philippine Statistics Authority (PSA) reported Friday that the country’s unemployment rate dropped to 3.9 percent in October, an improvement from 4.2 percent in the same period last year.

The National Economic and Development Authority (NEDA) attributed this decline to a strengthening labor market, as total employment rose to 48.2 million, reflecting an increase of 369,000 jobs compared to October 2023. 

For the first 10 months of 2024, approximately 600,000 jobs were generated, contributing to a full-year unemployment rate of 4.3 percent—better than the government’s target range of 4.4 to 4.7 percent.

“The latest survey results show positive employment outcomes, with notable progress in reducing unemployment,” NEDA Secretary Arsenio Balisacan said. “Full-year headline figures reflect sustained improvement but underscore the need to intensify efforts to create more and better-quality jobs.”

Despite the decline in unemployment, the underemployment rate rose to 12.6 percent in October, up from 11.7 percent in the same month last year. This equates to about 486,000 more individuals seeking additional working hours, primarily in wholesale and retail trade, agriculture, and forestry. 

On a brighter note, the 10-month underemployment rate decreased to 13.3 percent from 13.6 percent in 2023.

Balisacan emphasized the government’s commitment to addressing these challenges through key legislative measures and initiatives, such as the CREATE MORE Act and the forthcoming Trabaho Para sa Bayan Plan. These policies aim to enhance job creation, improve labor quality, and strengthen the country’s economic resilience.

“With these policies in place, we are confident that we can further enhance the labor market and create more and better-quality income opportunities for Filipinos. This aligns with our goal of fostering sustainable and resilient economic growth for the country, even as we navigate disruptions, such as AI and other emerging technological advancements,” Balisacan said.

He added that the administration is expediting critical infrastructure projects in sectors like connectivity, telecommunications, energy, and water to boost income opportunities. 

Additionally, workforce upskilling and reskilling remain priorities to ensure Filipino workers can adapt to the rapidly evolving demands of the global job market.