Unemployment rate in October 2024 slightly dropped to 3.9 percent from 4.2 percent in the same period last year, the Philippine Statistics Authority (PSA) said Friday.
This translates to an additional 369,000 Filipinos with jobs compared to October 2023, bringing the full-year employment creation to about 845,000.
The figure, however, rose from a record low of 3.7 percent registered in September 2024.
The PSA said that in terms of magnitude, the number of unemployed individuals in October 2024 reached 1.97 million, lower than 2.09 million in October 2023. It was, however, higher than 1.89 million in September.
The year-on-year reduction brought the full-year figure down to 4.3 percent from 4.6 percent, better than the 2024 target set by the Philippine Development Plan of 4.4 to 4.7 percent.
Finance Secretary Ralph Recto said this means that the labor market continues to improve, and the country is on the right track. “But we won’t stop because the government will continue its programs to provide more quality jobs and help Filipinos increase their income and lift themselves out of poverty,” Recto said.
Total employment reached 48.2 million in October 2024, marking an increase of 369,000 employed Filipinos from the previous year.
However, the underemployment rate experienced a slight uptick, increasing to 12.6 percent from 11.7 percent in the same month last year. This translates into 486,000 additional underemployed individuals seeking more working hours, primarily from the wholesale and retail trade, agriculture, and forestry sectors.
Despite this, full-year figures show a slight decline in underemployment to 13.3 percent in 2024 from 13.6 percent in 2023.
“The latest survey results show positive employment outcomes, with notable progress in reducing unemployment. Full-year headline figures reflect sustained improvement but underscore the need to intensify efforts to create more and better-quality jobs to meet the target set in the Philippine Development Plan (PDP) by 2028,” said NEDA Secretary Arsenio Balisacan.
Balisacan highlighted the administration’s commitment to implement both supply- and demand-side measures to generate quality employment. The recently enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, is expected to generate additional income opportunities and stimulate economic growth.
