JUNE 6, 2024 – The Philippine government remains committed to creating more high-quality jobs for Filipinos by investing in human capital, reinvigorating industry and priority sectors, and pushing for massive infrastructure development, according to the National Economic and Development Authority (NEDA).

The Philippine Statistics Authority reported today (June 6, 2024) that the unemployment rate decreased to 4.0 percent in April 2024 from the 4.5 percent recorded in the same month last year.

However, the underemployment rate increased to 14.6 percent from 12.9 percent, equivalent to 833,000 more underemployed individuals, due to the higher number of invisibly underemployed.

In April 2024, the labor force participation rate (LFPR) stood at 64.1 percent, slightly lower than the estimated LFPR in April 2023 of 65.1 percent. Notably, youth LFPR declined to 32.6 percent from 34.7 percent as more young people opted to study.

Despite these challenges, there has been a surge in middle-skilled occupations (+1.3 million) and full-time employment (+6.1 million), indicating improved job quality.

“The government’s massive infrastructure push is expected to create opportunities in several priority sectors, such as energy, logistics, and tourism. The government will also explore opportunities for quality job growth in the mining sector, leveraging available technologies to develop value-adding activities such as mineral processing,” said NEDA Secretary Arsenio M. Balisacan.

On April 30, President Ferdinand R. Marcos, Jr. signed Executive Order No. 59, which aims to expedite the implementation of the country’s Infrastructure Flagship Projects and improve the ease of doing business. This is expected to further encourage investments and job creation in the country.

The government is proactively improving the investment landscape to sustain labor market gains. For one, it is implementing measures to address bottlenecks and streamline processes, ensuring the efficient realization of investment pledges.

“Investing in human capital—improving education, healthcare, and social services— remains a top priority. The government is currently drafting the Trabaho Para sa Bayan (TPB) Plan, which will serve as the country’s comprehensive employment generation and recovery master plan. It aims to address unemployment, underemployment, informal working arrangements, and other labor market challenges,” said Balisacan.

Balisacan further stated that the TBP Plan focuses on enhancing the employability and competitiveness of Filipino workers through upskilling and reskilling initiatives. Support for micro, small, and medium enterprises and industry stakeholders is also integral to the plan.

“The government aims to assist Filipino workers in the digital age. Initiatives include reducing job search duration, upskilling the workforce, and facilitating the transition towards higher-income jobs. The urgent passage of next-generation reforms, including the Konektadong Pinoy Bill, will play a crucial role in opening up more work opportunities and developing digital skills among the workforce,” Balisacan said.

 

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