Philippine Unemployment Rate Drops to 3.5% in February 2024: NEDA Prioritizes Job-Centric Policies
In the latest announcement by the National Economic and Development Authority (NEDA), the Philippines sees a significant decline in its unemployment rate, dropping to 3.5% in February 2024 from 4.8% in the same period last year. This development, as revealed by the Philippine Statistics Authority’s February 2024 Labor Force Survey (LFS), marks a notable improvement in the country's labor market landscape.
NEDA attributes this positive trend to the Marcos Administration's unwavering commitment to implementing people-centered policies aimed at attracting job-generating investments. Secretary Arsenio M. Balisacan emphasizes the administration's focus on fostering an environment conducive to employment creation, particularly in sectors like renewable energy and critical minerals.
Furthermore, the quality of employment has shown signs of improvement, with a decrease in the underemployment rate to 12.4% in February 2024 from 12.9% in the corresponding month of the previous year. The survey also indicates an uptick in wage and salaried employment, middle-skilled occupations, and full-time work.
Secretary Balisacan underscores the government's dedication to addressing the needs of vulnerable groups, including women, youth, older individuals, and persons with disabilities, to encourage greater workforce participation. Initiatives such as improving access to quality childcare, finance, and entrepreneurship opportunities aim to support women's entry and retention in the labor market.
To adapt to the evolving work landscape, NEDA plans to revisit existing policies governing alternative work arrangements, such as the Telecommuting Act. Additionally, the government seeks to enhance part-time work opportunities to promote lifelong learning and skills development among workers.
In its efforts to create a more agile and adaptive workforce, the government advocates for the passage of key legislative measures such as the Apprenticeship Bill, Lifelong Learning Bill, and Enterprise Productivity Act. These initiatives aim to facilitate the development of both soft and hard skills among workers.
In line with the government's commitment to employment generation and recovery, NEDA has launched an online survey soliciting public input on the definition of "quality jobs." This survey, part of the formulation of the Trabaho Para sa Bayan (TPB) Act plan, seeks to gather insights from citizens to inform the country's master plan for employment generation and recovery.
As the Philippines continues its journey towards economic recovery, the government remains steadfast in its commitment to prioritizing job creation and fostering a resilient and inclusive labor market for all Filipinos.