The country's unemployment rate further went down to 3.1 percent in December last year, bringing the full-year 2024 data to 3.8 percent, the lowest recorded since 2005, the Philippine Statistics Authority (PSA) said Thursday.

In a briefing, National Statistician Dennis Mapa said results of the latest Labor Force Survey showed that the number of unemployed Filipinos declined to 1.94 million in 2024 from 2.19 million in 2023.

The unemployment rate in 2023 was recorded at 4.4 percent.

The number of employed Filipinos meanwhile was estimated at 48.85 million, translating to an employment rate of 96.2 percent, up from the 95.6 percent recorded in 2023.

The PSA also recorded a decline in the number of underemployed Filipinos, or those who expressed the desire to have additional hours of work in their present job or to have an extra job, or to have a new job with longer work hours.

The number of underemployed last year was estimated at 5.8 million from 5.9 million in 2023, translating to an underemployment rate of 11.9 percent, also the lowest since 2005.

For December 2024 alone, Mapa said the number of unemployed persons was estimated at 1.63 million.

The employment rate was at 96.9 percent while the number of employed Filipinos was recorded at 50.19 million.

Mapa said industries with the largest increase in employment include transportation and storage (+555,000), construction (+263,000), administrative and support service activities (+223,000), public administration and defense (+211,000), and human health and social work activities (+197,000).

The underemployment rate meanwhile, decreased to 10.9 percent from 11.9 percent in December 2023, showing that job quality has improved, and fewer workers are looking for extra hours or jobs.

"The Philippine labor market concluded 2024 on a positive note, with a stable employment rate and improving job quality, the National Economic and Development Authority (NEDA) said in a statement.

NEDA Secretary Arsenio Balisacan said the government remains committed to advancing both supply- and demand-side measures that will foster a more dynamic labor environment and meet the targets set in the Philippine Development Plan 2023-2028.

PNA PHOTO