The Market Monitor Minding the Nation's Business
The Marcos administration’s comprehensive efforts to bolster the Philippine labor market yielded positive results, as unemployment and underemployment rates dropped in November 2024.
Data from the National Economic and Development Authority (NEDA) highlighted the resilience of the labor market, as evidenced by improved employment figures.
NEDA Secretary Arsenio M. Balisacan emphasized the strength of the labor market, noting its high employment rates and reduced underemployment. He outlined the government’s commitment to expanding business and employment opportunities to empower Filipinos to contribute more productively to the economy.
Balicasan also underscored the importance of skills training and business upgrading to ensure that jobs offer competitive wages, aligning with increased worker productivity.
The Philippine Statistics Authority’s latest Labor Force Survey revealed a decrease in the country’s unemployment rate to 3.2% in November 2024, down from 3.6% in the same period the previous year.
Additionally, the underemployment rate declined to 10.8% from 11.7%, reflecting better job quality and a reduced need for workers to seek additional hours or employment.
Balisacan reiterated the government’s dedication to achieving its employment goals under the Philippine Development Plan 2023-2028. This involves adopting alternative work arrangements to align with workers’ evolving preferences and organizations’ emerging needs.
Key legislative initiatives, such as the CREATE MORE Act and the Enterprise-Based Education and Training (EBET) Framework Act, play a critical role in driving job creation and equipping the workforce with relevant skills. These measures aim to boost industries’ capacity to generate employment while enhancing the country’s labor competitiveness.
Looking ahead, NEDA plans to release the 2024 Philippine Development Report this month, providing evidence-based strategies to promote quality job creation and sustain economic growth.