Unemployment rate declines to 3.9% in October
The Philippine Statistics Authority (PSA) showed that the unemployment rate in October dropped to 3.9 percent from 4.2 percent in October 2023.
This reduction brings 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, the National Economic and Development Authority (NEDA) said Friday.
Total employment reached 48.2 million, marking an increase of 369,000 employed Filipinos from the previous year. This brings the full-year employment creation to approximately 600,000, driven by enhanced government initiatives to boost domestic employment opportunities.
However, the underemployment rate experienced a slight uptick, increasing to 12.6 percent from 11.7 percent during the same month last year.
This increase translates to 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. NEDA Public Affairs
