Unemployment drops to 3.9%; NEDA vows continued jobs growth

FILE: Filipino overseas job seekers flock at the Blas F. Ople Building in Mandaluyong City to apply to the available job opportunities in countries, such as Canada, Taiwan, New Zealand, Germany, Japan, Poland, United Kingdom, and others. (Photo: Department of Migrant Workers/Facebook)

By Kris Crismundo, Philippine News Agency

MANILA – The country’s unemployment rate fell to 3.9 percent in October, down from 4.2 percent in the same month last year, the Philippine Statistics Authority reported Friday.

In a statement, the National Economic and Development Authority (NEDA) said the decrease reflects continued improvement in the country’s labor market, with total employment rising to 48.2 million, an increase of 369,000 from the previous year.

The full-year unemployment rate stood at 4.3 percent, surpassing the government’s 2024 target of 4.4 percent to 4.7 percent.

NEDA added that job generation from January to October was approximately 600,000.

“The latest survey results show positive employment outcomes, with notable progress in reducing unemployment,” NEDA Secretary Arsenio Balisacan said.

“Full-year headline figures reflect sustained improvement but underscore the need to intensify efforts to create more and better-quality jobs.”

On the other hand, the underemployment rate in October increased to 12.6 percent from 11.7 percent in the same month last year. This means about 486,000 individuals, mostly in wholesale and retail trade, agriculture, and forestry, were seeking more working hours.

Meanwhile, the 10-month underemployment rate slipped to 13.3 percent this year from 13.6 percent in the same period in 2023.

Balisacan reiterated the government’s commitment to generating quality employment through new laws and initiatives, including the CREATE MORE Act and the upcoming Trabaho Para sa Bayan Plan, which will guide efforts to strengthen the labor market in the coming years.

“With these policies in place, we are confident that we can further enhance the labor market and create more and better-quality income opportunities for Filipinos. This aligns with our goal of fostering sustainable and resilient economic growth for the country, even as we navigate disruptions, such as AI and other emerging technological advancements,” he said.

“The Marcos administration is working tirelessly to fast-track the critical infrastructure projects in key sectors, such as connectivity, telecommunications, energy, and water to generate more income opportunities. Additionally, we are prioritizing the upskilling and reskilling of our workforce to equip Filipino workers with the knowledge and capabilities needed in today’s dynamic job market.”