MAY 8, 2024 – As the country’s labor market improves, the Marcos Administration remains steadfast in reducing poverty to single-digit levels by creating more high-quality jobs for Filipinos and fostering a resilient workforce, according to the National Economic and Development Authority (NEDA).
The results of the Philippine Statistics Authority’s March 2024 Labor Force Survey, released today (May 8), reveal encouraging trends. The unemployment rate has dropped to 3.9 percent from 4.7 percent in the same month last year. This development translates to 417,000 fewer unemployed individuals.
Several sectors have significantly contributed to employment gains. In March 2024, the wholesale and retail trade sector saw the highest annual increase, employing 963,000 additional individuals. Manufacturing followed closely with 553,000 new jobs, while public administration and defense added 229,000 employed individuals.
Additionally, the country’s underemployment rate has declined to 11.0 percent in March 2024, compared to 11.2 percent in March 2023.
“We will continue to prioritize creating high-quality and well-paying jobs to address the rising issues of vulnerable employment. We will focus on attracting job-generating investments from the private sector and scaling up social and physical infrastructure to improve our people’s employment prospects to achieve this goal. These will be accompanied by reskilling and upskilling programs to increase employability,” said NEDA Secretary Arsenio M. Balisacan.
He also reported that a medium- and long-term Foreign Investment Promotion and Marketing Plan (FIPMP)* is currently underway. The Inter-Agency Investment Promotion Coordination Committee, established following the amendment of the Foreign Investment Act, leads the formulation of the FIPMP.
In collaboration with the private sector, Balisacan added that the government plans to enrich the content of training programs for workers and employers by integrating courses on advanced productivity tools such as data science, analytics, and artificial intelligence.
“For the government to sustain a robust labor market and reap the benefits of the demographic dividend, it must ensure that people are healthy, educated, and skilled. To facilitate the development of soft and hard skills among workers and create a more agile and adaptive workforce, we at NEDA continue to advocate for the passage of the Apprenticeship Bill, Lifelong Learning Bill, and the Enterprise Productivity Act,” Balisacan said.
Balisacan also calls for the passage of the Konektadong Pinoy Bill, which NEDA expects to reduce costs and expand access. “Digital connectivity can provide the workforce with more opportunities, particularly for individuals engaged in care work and other household responsibilities,” he said.
In addition, the Regional Tripartite Wages and Productivity Boards and National Wages and Productivity Commission’s adherence to President Ferdinand R. Marcos Jr.’s instruction to conduct a timely review of the minimum wage rate and to study the improvement of the wage adjustment process will help in sustaining employment gains while safeguarding worker’s purchasing power amid elevated prices.
Following the recent release of the Implementing Rules and Regulations for the country’s master plan for employment generation and recovery under the Trabaho Para sa Bayan (TPB) Act, NEDA has initiated an online survey, which will remain open until May 10, 2024. The survey aims to gather public input to shape the creation of high-quality jobs nationwide.
NEDA invites the public to participate in the ongoing survey, additional surveys for later postings, and subsequent consultations for developing the TPB Plan.
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*We have revised this media release to reflect an update regarding the release of the Foreign Investment Promotion and Marketing Plan