Unemployment Rate in the Philippines Drops to 3.5% in February 2024

Unemployment Rate in the Philippines Drops to 3.5% in February 2024

The Philippines is making significant strides towards its goal of reducing the poverty rate to a single digit by 2028, according to Finance Secretary Ralph G. Recto. The February 2024 Labor Force Survey (LFS) shows a promising trend in the country’s jobs market and the quality of jobs available to Filipinos.

The unemployment rate in February 2024 fell to 3.5%, down from 4.8% in the same month the previous year. This translates to only 1.8 million unemployed individuals, marking the second-lowest number ever recorded.

The LFS also revealed that the total number of employed individuals in the country rose to 49 million in February 2024, an increase from the 48.8 million recorded in February 2023. Consequently, the employment rate increased to 96.5%, up from 95.2% in February 2023.

Wage and salary workers, who made up the largest share (62.9%) of the total employed individuals in February 2024, totaled 30.8 million. This indicates that more Filipinos are engaged in formal and stable work.

In addition to the higher number of employed individuals, the survey results showed that people are engaged in more quality jobs as underemployment dropped to 12.4% in February 2024, compared to 12.9% in February 2023.

A recent World Bank study estimated that the country could cut its poverty incidence to 9.3% in 2026, two years ahead of the 2028 target. This is attributed to the continuous improvement in the labor market and the easing of the inflation rate. This progress underscores the effectiveness of the government’s strategies in improving the quality of life for Filipinos.