MANILA, Philippines, February 7 ------ Unemployment in the country continued to decline in December, bringing the full-year average to 3.8 percent, the lowest in 19 years, according to the Philippine Statistics Authority (PSA). Job quality in the country also improved, with the 2024 full-year average at its lowest level since 2005.
In a press briefing yesterday, National Statistician Dennis Mapa said results of the PSA’s Labor Force Survey showed that the unemployment rate dipped slightly to 3.1 percent in December last year from 3.2 percent in November, but was unchanged from 3.1 percent in December 2023. This translates to 1.63 million jobless Filipinos in December 2024, down from 1.66 million in the previous month, but higher than the 1.60 million in December 2023.
Mapa said the average unemployment rate last year was 3.8 percent, the lowest since 2005. He said the number of jobless Filipinos averaged 1.94 million last year, lower than the 2.19 million in 2023. The underemployment rate rose slightly to 10.9 percent in December last year from 10.8 percent in November, but went down from 11.9 percent in December 2023. An estimated 5.48 million Filipinos were underemployed or were looking for additional hours of work or an additional job in December last year, higher than the 5.35 million in November, but lower than the 6.01 million in December 2023.
For full-year 2024, the average underemployment rate stood at 11.9 percent, lower than the 12.3 percent average in 2023. Mapa said the 2024 average underemployment rate was also the lowest since 2005. In 2024, the number of underemployed Filipinos averaged 5.8 million, down from 5.9 million in 2023. The employment rate inched up to 96.9 percent in December last year from 96.8 percent in November, but was unchanged from December 2023. There were 50.19 million employed Filipinos in December 2024, up from 49.54 million in November, but down from 50.52 million in December 2023.
The average employment rate in 2024 was at 96.2 percent, higher than the 95.6 percent in 2023. Industries with the largest increase in employment in December 2024 from November last year were agriculture and forestry (735,000); construction (583,000); public administration and defense, compulsory social security (307,000), and transportation and storage (184,000). Meanwhile, those which posted the the biggest month-on-month drop in employment in December 2024 were wholesale and retail trade, repair of motor vehicles and motorcycles (-391,000); manufacturing (-305,000); other service activities (-288,000); accommodation and service activities (-219,000), and administrative and support service activities (-114,000).
Industries with the highest year-on-year increase in employment in December last year were transportation and storage (555,000); construction (263,000); administrative and support service activities (223,000); public administration and defense compulsory social security (211,000), and human health and social work activities (197,000). On the other hand, the following industries had the biggest year-on-year drop in employment in December 2024: agriculture and forestry (-1.56 million); manufacturing (-387,000); other service activities (-166,000), and wholesale and retail trade, repair of motor vehicles and motorcycles (-106,000).
The labor force participation rate went up to 65.1 percent in December 2024 from 64.6 percent in the previous month and 66.6 percent in December 2023. There were 51.81 million Filipinos in the labor force in December last year, higher than the 51.20 million in November and 52.13 million in December 2023. In 2024, the average labor force participation rate stood at 64.4 percent, down from 64.9 percent in 2023. The National Economic and Development Authority (NEDA) said the latest data showed a stable employment rate and improving quality of jobs. “Following the strategies outlined in the Philippine Development Report 2024, particularly those that strengthen the labor market, is crucial to sustaining our economic momentum and providing higher earning opportunities for Filipinos. 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,” NEDA Secretary Arsenio Balisacan said.
To keep up with workforce trends and address changing industry demands, the government is promoting more inclusive work arrangements. The government is also intensifying efforts to equip workers with the necessary skills to meet industry needs. Balisacan said the government is also pursuing the economic transformation agenda by diversifying the country’s growth drivers. “By strengthening social protection, fostering a dynamic and inclusive labor market and ensuring that economic gains benefit all Filipinos, we can create a workforce that is resilient and future-ready. Our goal is to sustain job creation, improve the quality of employment and provide every Filipino with opportunities for long-term economic security,” he said.
Source: philstar.com
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