The country’s unemployment rate rose to 3.9 percent in March versus the previous month’s level as more people joined the labor force, according to the Philippine Statistics Authority (PSA).
The PSA’s latest Labor Force Survey showed that the number of unemployed persons 15 years old and over in March 2024 was estimated at two million.
The unemployment rate in March was higher than the 3.5 percent estimate in February 2024, but lower than the recorded unemployment rate in March 2023 at 4.7 percent.
The actual number of unemployed persons in February 2024 was recorded at 1.8 million, while the reported number of unemployed persons a year ago was at 2.42 million.
Data released by the PSA showed that more people joined the labor force as the Labor Force Participation Rate (LFPR) in March 2024 was 65.3 percent, higher than the estimated 64.8 percent in February but lower than the 66 percent recorded in the same period in the previous year.
The reported LFPR in March 2024 translates to a total of 51.15 million Filipinos aged 15 years old and over who were in the labor force, or those who were either employed or unemployed.
In March 2023, the number of individuals aged 15 years old and over who were in the labor force was 51 million, while 50.75 million were in the labor force in February 2024.
The employment rate in March 2024 was recorded at 96.1 percent, higher than the 95.3 percent estimate in March of the previous year but lower than the estimate in February 2024 at 96.5 percent.
In terms of levels, the number of employed persons 15 years old and over was estimated at 49.15 million, higher than the number of employed persons in March 2023 at 48.58 million and February 2024 at 48.95 million.
Meanwhile, the underemployment rate in March 2024 was posted at 11 percent, lower than the recorded rate in March 2023 at 11.2 percent and February 2024 at 12.4 percent.
In terms of magnitude, 5.39 million of the 49.15 million employed individuals expressed the desire to have additional hours of work in their present job or to have additional job, or to have a new job with longer hours of work in March 2024.
“We will continue to prioritize creating high-quality and well-paying jobs to address the rising issues of vulnerable employment. We will focus on attracting job-generating investments from the private sector and scaling up social and physical infrastructure to improve our people’s employment prospects to achieve this goal. These will be accompanied by reskilling and upskilling programs to increase employability,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a statement yesterday.
He also reported that a medium- and long-term Foreign Investment Promotion and Marketing Plan (FIPMP) is underway and targeted to be completed by June 30.
The Inter-Agency Investment Promotion Coordination Committee, established following the amendment of the Foreign Investment Act, leads the formulation of the FIPMP.
In collaboration with the private sector, Balisacan said the government plans to enrich the content of training programs for workers and employers by integrating courses on advanced productivity tools such as data science, analytics and artificial intelligence.
“For the government to sustain a robust labor market and reap the benefits of the demographic dividend, it must ensure that people are healthy, educated and skilled. To facilitate the development of soft and hard skills among workers and create a more agile and adaptive workforce, we at NEDA continue to advocate for the passage of the Apprenticeship Bill, Lifelong Learning Bill and the Enterprise Productivity Act,” Balisacan said.
Balisacan also calls for the passage of the Konektadong Pinoy Bill, which NEDA expects to reduce costs and expand access.
“Digital connectivity can provide the workforce with more opportunities, particularly for individuals engaged in care work and other household responsibilities,” he said.
In addition, the Regional Tripartite Wages and Productivity Boards and National Wages and Productivity Commission’s adherence to the President’s instruction to conduct a timely review of the minimum wage rate and to study the improvement of the wage adjustment process will help in sustaining employment gains while safeguarding worker’s purchasing power amid elevated prices, NEDA said.
