Unemployment continues to decline ?NEDA
The unemployment rate decreased to 4.5 percent in April from 5.7 percent in the same month the previous year.
The unemployment rate last March was 4.7 percent.
This indicates a reduction of 506,000 unemployed individuals. The decline is evident across all age groups, with the youth (-161,000) and prime working age group (-306,000) experiencing the most significant decreases.
The underemployment rate also decreased to 12.9 percent in April from 14 percent, resulting in 199,000 fewer underemployed individuals compared to the previous year.
"To ensure the continuation of this trend, the government affirms its commitment to the unimpeded implementation of economic liberalization reforms and other essential legislation. These efforts will be complemented by comprehensive collaborations among government entities and society as a whole to enhance the employability and productivity of our workforce," stated National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
The government aims to sustain the recent improvements in the country's labor market conditions by implementing crucial economic reforms and leveraging digital technology to enhance workers' employability, according to NEDA.
He further noted that the government can capitalize on digital technologies to foster innovation, upgrade services, and effectively respond to the needs of the workforce.
"Hence, the complete execution of the Philippine Digital Workforce Competitiveness Act is also vital for equipping the workforce with digital technology skills and fostering innovation," added Balisacan.
He emphasized the significance of collaboration among government agencies, training institutions, technology providers, and other stakeholders to address skills mismatches, provide guidance on in-demand skills, and empower Filipinos through the utilization of technologies such as artificial intelligence (AI) and extended reality. NEDA Public Affairs
