The country’s unemployment rate fell to a record-low level in June 2024, as increased economic activity allowed more Filipinos to be absorbed in various industries such as in the construction sector, the Philippine Statistics Authority (PSA) said.
The jobless rate for June 2024 plunged to 3.1 percent, down from 4.5 percent in June 2023.
This rate matches the record low set in December 2023, marking the lowest unemployment rate in nearly two decades.
In terms of magnitude, the Philippines recorded 50.3 million employed individuals, with the services sector leading in employment, accounting for 58.7 percent of the total employed population.
Significant employment growth was observed in the construction (+938,000) and manufacturing (+353,000) sectors.
“The government’s swift implementation of infrastructure projects and the continued improvement of operating conditions for manufacturing firms have led to these employment gains,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a statement yesterday.
“Increasing investments in renewable energy, water supply and mining and quarrying have also supported employment growth in these areas,” he added .
Meanwhile, employment contracted in the agriculture and forestry (-916,000) and fishing and aquaculture (-81,000) sectors.
NEDA said this decline is attributed to the impacts of weather disturbances, natural disasters, pest and disease infestation and the escalating tensions in the West Philippine Sea.
The PSA also reported an underemployment rate of 12.1 percent, a slight increase from 12 percent in June 2023.
This uptick equates to 208,000 employees seeking more work hours or an additional job.
“We will persist in improving the country’s business climate to attract investments that generate higher-quality jobs. The government will address bottlenecks and expedite processes to fulfill investment pledges and reap the benefits of liberalization reforms,” Balisacan said.
“While we see encouraging figures in terms of our job generation, we will continue to focus on generating high-quality and well-paying jobs to address the issue of vulnerable employment and ensure a brighter future for our Filipino workers,” he added.
