The country's unemployment rate further went down to 3.2 percent in November last year from 3.6 percent in the same month of 2023, according to the Philippine Statistics Authority (PSA).
The employment rate, meanwhile rose to 96.8 percent from 96.4 percent in November 2023.
National Statistician Dennis Mapa said results of the latest Labor Force Survey showed the number of unemployed Filipinos during the month was estimated at 1.66 million, down from the 1.83 million seen in November 2023.
Mapa said the number of employed Filipinos was recorded at 49.54 million.
Industries which recorded the largest climb in employment include manufacturing (+784,000), accommodation and food service activities (+528,000), human health and social work activities (+303,000), other service activities (+239,000), and transportation and storage (+190,000).
Results of the latest survey also showed 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 during the month was estimated at 5.35 million, translating to an underemployment rate of 10.8 percent, down from the 11.7 percent recorded in November 2023.
In a statement, the National Economic and Development Authority (NEDA) said this indicates "better job quality and fewer workers seeking additional work hours or jobs."
Despite the continued improvement in the country's labor market, NEDA assured that the government will continue to prioritize job quality and income improvement for Filipinos.
"Our labor market remains robust, with consistently high employment rates and reduced underemployment. The next step is to expand business and employment opportunities to enable more Filipinos to actively and productively contribute to the economy," NEDA Secretary Arsenio Balisacan said.
"Moreover, we will encourage business upgrading and skills training programs to ensure that these jobs offer competitive wages as our workers raise their productivity by developing their human capital," added Balisacan.
NEDA cited the importance of a multifaceted approach to ensuring an efficient labor market.
This includes enabling investments in quality job-generating sectors, enhancing skills and workforce mobility, and improving employment facilitation services.
"The government needs to facilitate the adoption of alternative work arrangements to account for workers' evolving preferences while considering organizations' emerging demands. In addition, the government focuses on accelerating government programs that will increase employability, especially among the youth," Balisacan said.
Balisacan also said the timely implementation of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act and the Enterprise-Based Education and Training Framework Act, will help further improve the business climate, attract more investments, and generate additional employment.
PNA PHOTO
