Vibrant labor market promises better holiday season in the Philippines

MANILA— Filipinos are in for a potentially better holiday season as the latest labor force survey showed promising labor market results, according to the National Economic and Development Authority (NEDA).

The country's unemployment rate decreased to 4.0 percent in August 2024 from 4.4 percent in August 2023, as reported by the Philippine Statistics Authority today, October 8, 2024.

With this development, the total number of employed Filipinos as of August 2024 now stands at 49.2 million, higher than 48.1 million in August 2023.

The underemployment rate also declined to 11.2 percent in August 2024 from 11.7 percent in the same month last year.

Meanwhile, the country's labor force participation rate stood at 64.8 percent in August 2024 from 64.7 percent in the same month last year.

"Coupled with the country's four-year-low inflation rate in September 2024 at 1.9 percent, the positive results of our labor force survey can lead us to a more vibrant holiday season," NEDA Secretary Arsenio M. Balisacan said.

He added that ensuring adequate investments in human capital and priority sectors is key to realizing the transformation agenda outlined in the Philippine Development Plan 2023-2028.

Moreover, the drafting of the Trabaho Para Sa Bayan (TPB) Plan 2025-2034 will begin next month, and its finalization is expected by the end of the year. The TPB Inter-Agency Council, chaired by Secretary Balisacan, will lead the crafting of the master plan in coordination with other relevant government agencies and stakeholders.

So far, NEDA is set to finish the final leg of the TPB Plan's regional consultations and has engaged with various stakeholders. The last two consultations will be in Regions X and XII in late October.

Balisacan again called for the swift passage of the Konektadong Pinoy Bill, stating that it will usher advancements across various sectors, including ICT, education, health, and agriculture.

"Such advancements will immensely expand our countrymen's access to various market opportunities as well as programs on upskilling and retooling to equip Filipinos for better jobs," he added.

Moreover, Balisacan said that fast-tracking the implementation of key infrastructure projects, particularly in energy, logistics, and physical and digital connectivity, is critical to attracting investments in higher value-added sectors such as manufacturing and agribusiness, as well as raising labor productivity.

"With the government's continued focus on attracting strategic investments and the timely passage of key reforms, the Philippines is well-positioned to translate its promising macroeconomic fundamentals into long-term prosperity for its workforce and economy," he stated.