By Francis Allan L. Angelo
The National Economic and Development Authority (NEDA) announced that the Philippines’ labor market is showing signs of robust recovery, with the unemployment rate dropping to 3.9 percent in March 2024 from 4.7 percent the previous year.
The improvement represents 417,000 fewer unemployed individuals, according to the latest Labor Force Survey released by the Philippine Statistics Authority on May 8.
The sectors contributing most significantly to this growth include wholesale and retail trade, which added 963,000 jobs; manufacturing, with 553,000 new positions; and public administration and defense, which saw an increase of 229,000 employed individuals.
The underemployment rate also saw a slight decrease, from 11.2 percent in March 2023 to 11.0 percent in March 2024.
NEDA Secretary Arsenio M. Balisacan emphasized the government’s commitment to not only increasing employment but also enhancing job quality.
“We will continue to prioritize creating high-quality and well-paying jobs to address the rising issues of vulnerable employment,” Balisacan said.
He outlined plans to attract job-generating investments and scale up both social and physical infrastructure to improve employment prospects, alongside reskilling and upskilling programs to increase employability.
In terms of policy and strategic initiatives, Balisacan noted that a Foreign Investment Promotion and Marketing Plan is underway, set to complete by June 30. This plan is spearheaded by the Inter-Agency Investment Promotion Coordination Committee, which was established following amendments to the Foreign Investment Act.
Moreover, NEDA is advocating for the passage of key legislative measures including the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act to further enhance the workforce’s skills and agility.
Balisacan also highlighted the anticipated benefits of the Konektadong Pinoy Bill, which aims to reduce costs and expand digital connectivity, providing more opportunities for those in care work and other home-based roles.
Ensuring fair compensation amid economic fluctuations, the Regional Tripartite Wages and Productivity Boards and the National Wages and Productivity Commission are following President Ferdinand R. Marcos Jr.’s directive to review the minimum wage rate timely and study improvements in the wage adjustment process.
In addition to legislative and strategic efforts, NEDA has initiated an online survey as part of the public consultation process for the Trabaho Para sa Bayan (TPB) Act’s master plan for employment generation and recovery, inviting public participation to help shape the creation of high-quality jobs across the nation.
