PH unemployment hits 3.8% in 2024, a 19-year low

The Philippine unemployment rate reached its lowest level in nearly two decades, falling to 3.8 percent in 2024, according to the Philippine Statistics Authority (PSA). This marks the lowest recorded jobless rate since 2005, reflecting steady economic growth and improved labor market conditions.

National Statistician Dennis Mapa announced on Thursday that the number of unemployed Filipinos dropped to 1.94 million in 2024, down from 2.19 million in 2023, when the jobless rate stood at 4.4 percent.

Meanwhile, employment continued to rise, with 48.85 million Filipinos having jobs last year, pushing the employment rate to 96.2 percent, up from 95.6 percent in 2023.

The underemployment rate—measuring workers seeking additional hours or better jobs—also declined to 11.9 percent, the lowest since 2005. In December 2024 alone, the underemployment rate further dropped to 10.9 percent, signaling an improvement in job quality.

Industries that saw the largest employment gains included transportation and storage ( 555,000 jobs), construction ( 263,000), administrative and support services ( 223,000), public administration and defense ( 211,000), and human health and social work activities ( 197,000).

The National Economic and Development Authority (NEDA) welcomed the positive labor market trends, emphasizing the government’s commitment to sustaining job growth and improving job quality.

“Our goal is to sustain job creation, improve employment quality, and provide every Filipino with opportunities for long-term economic security,” NEDA Secretary Arsenio Balisacan said.

To achieve this, the government is implementing the Enterprise-Based Education and Training (EBET) Framework to equip workers with industry-relevant skills. Efforts to integrate returning overseas Filipino workers (OFWs) into the local workforce are also being strengthened, alongside expanded social protection programs.

Balisacan stressed that by fostering an inclusive labor market, reducing barriers to employment, and ensuring economic gains benefit all Filipinos, the country can build a workforce that is both resilient and future-ready.