Drop in unemployment, underemployment '';tremendous'', says labor secretary
Efforts of President Ferdinand Marcos Jr.’s government to provide employment to Filipinos are bearing fruit, according to the Department of Labor and Employment (DOLE).
In a press briefing in Malacanang, Laguesma described the drop in unemployment and underemployment as ''tremendous''.
“Even on month-on-month basis, the drop in unemployment is tremendous ? 2.2 million from April 2024 to May 2024,” the Labor chief said.
“And that speaks a lot for the leadership of President Marcos,” he added.
He said the decline in unemployment also reflects the interventions made by the Labor department through its collaboration with the private sector.
“So, kitang-kita diyan na tuloy-tuloy ang ginagawang mga hakbangin ng ating pamahalaan sa pangunguna ng ating Pangulong Ferdinand Marcos Jr. para tugunan iyong mga kaganapan sa ating labor market,” Laguesma said.
Laguesma reported there are more or less 600,000 new entrants in the labor market with 80 percent absorption rate. “Ibig sabihin, talagang nagkakaroon ng sustained efforts to really help those who are actually seeking jobs,” he added.
The May 2024 Labor Force Survey of the Philippine Statistics Authority (PSA) showed unemployment rate in the Philippines dropped to 4.1 percent in May this year from 4.3 percent in the same month last year.
The underemployment rate went down to 9.9 percent from 11.7 percent in the period covered.
According to the National Economic and Development Authority (NEDA), the increase in employment for May is driven by the expansion in industry and services, implementation of the infrastructure flagship projects and the Pambansang Pabahay Para sa Pilipino Program (4PH) of the Marcos administration. Presidential News Desk
