DOLE: Lower unemployment rate due to robust economic growth

By Ferdinand Patinio, Philippine News Agency

FILE: JOB HUNTERS. Job applicants queue up in the hope of landing viable employment opportunities from 34 participating companies and government agencies that collaborated with the Private Sector Advisory Council (PSAC) Jobs Sector Group to join the job fair held at a mall in Marikina on Labor Day on Wednesday (May 1, 2024). Some applicants were fortunate to get hired on the spot. (PNA photo by Ben Briones)

MANILA – The Department of Labor and Employment (DOLE) on Thursday attributed the low unemployment rate of 3.1 percent in June to the robust economic growth.

Labor Secretary Bienvenido Laguesma said the government has provided more jobs in several sectors that resulted in the decrease in the number of unemployed Filipinos.

“The Philippine labor market continues to demonstrate remarkable strength and resilience, achieving a record-low unemployment rate of 3.1 percent in June 2024, the second lowest recorded since April 2005,” he said in a press statement.

“This positive trend is driven by robust economic growth, particularly in construction; wholesale and retail trade; repair of motor vehicles and motorcycles; and accommodation and food service activities sectors, which collectively contributed to a 96.9 percent employment rate or 50.28 million employed persons, higher by 1.44 million compared to the 48.84 million a year ago,” he said.

He said the country’s labor force welcomed the participation of 577,000 new entrants, with female labor force participation increasing by 346,000 workers year-on-year.

Laguesma, however, recognized the urgent and continuing need to address underemployment, which increased by 208,000 year-on-year, equivalent to 12.

1 percent underemployment rate nationwide in June 2024.

He said the increase in underemployment is attributable to “seasonality of and temporary jobs, which are being collectively acted upon through a whole of government approach.”

To address the concern on higher-quality jobs, he said they are coordinating with the Trabaho Para sa Bayan Inter-Agency Council, chaired by National Economic and Development Authority (NEDA), in intensifying the implementation of the national employment masterplan, in alignment with President Ferdinand R. Marcos Jr.’s directives to create and generate quality, regular and decent jobs.

“Through strategic partnerships with the private sector and targeted interventions, we aim to transform challenges into opportunities, ensuring that the benefits of economic growth are shared equitably and that no one is left behind,” Laguesma said.

On Wednesday, the (PSA) reported that the number of jobless Filipinos went down to 1.62 million in June this year from 2.33 million in 2023.

It said the number of unemployed Filipinos in June was also down from 2.11 million recorded in May this year. Unemployment rate during the month fell to 3.

1 percent from 4.5 percent in June 2023 and 4.1 percent in May 2024.

The country’s employment rate, meanwhile, rose to 96.9 percent from 95.5 percent in June 2023 and 95.9 percent in May this year. The number of employed Filipinos reached 50.28 million, higher than the number of employed persons of 48.84 million in June 2023 and 48.87 million in May 2024.