By Francis Allan L. Angelo
The National Economic and Development Authority (NEDA) reiterates the administration’s commitment to cultivating a robust business climate in response to the latest jobs number.
This is aimed at luring both domestic and international investments to spark an uptick in premium job creation.
The new employment data released on March 8, 2024 indicated a decrease in both unemployment and underemployment rates.
January 2024 saw unemployment rates dip to 4.5%, a slight yet notable improvement from the previous year’s 4.8%. Likewise, the underemployment figure receded to 13.9% from 14.1% recorded in January of the prior year.
NEDA Secretary Arsenio M. Balisacan articulated the government’s strategy, “We are proactively enhancing policy and regulatory frameworks to fuel job-generating investments. Simultaneously, we’re bolstering connections among industry, academia, and public sector to mend skill gaps in our labor market.”
Despite the promising downturn in joblessness, the Philippine Statistics Authority (PSA) also reported a contraction in the labor force.
January’s labor force participation plummeted to 61.1% from the previous year’s 64.5%, indicating roughly 1.6 million fewer individuals actively seeking employment. The most significant shrinkage appeared among women, the youth, and junior high school graduates.
The reasons for not entering the labor force were diverse, ranging from household obligations to age and education-related factors.
Notably, the shift back to on-site working arrangements constrained female participation in the labor force to 49.3%, a descent from 53.7% the preceding year. Similarly, fully resumed on-site schooling reduced youth labor force participation.
Balisacan pledged to address these vulnerabilities.
“Our policies will be cognizant of the unique circumstances of women, youth, older people, and the disabled. We are revisiting our policies on alternative work arrangements to be more inclusive, especially for the creative sector.”
Looking ahead, the Secretary foresees the implementation of transformative employment initiatives under the newly ratified “Trabaho Para sa Bayan” (Jobs for the Nation) Act. This legislation is a cornerstone for advancing the employability, competitiveness, and productivity of Filipino workers, addressing the critical issues of unemployment and underemployment.
The “Trabaho Para sa Bayan” Act brings together an Inter-Agency Council led by NEDA, with key departments as co-chairs, and inclusive representation from employers, labor organizations, and marginalized sectors.
Balisacan emphasized, “The council will expedite decision-making on enhancing work conditions, promoting upskilling and reskilling, and generating lucrative job opportunities for Filipinos.”
