Employers reacted positively to the unemployment rate for 2024 released yesterday by the government statistics office, saying it reflected an improving economy.
“While we are moving, we are moving slowly,” Sergio Ortiz-Luis, president of the Employers Confederation of the Philippines (ECOP) said in an interview on Thursday.
The Philippine Statistics Office yesterday released data showing unemployment for full-year 2024 fell to its lowest level on record at 3.8 percent. It was down from 4.4 percent a year earlier.
Unemployment for December 2024 alone eased to 3.1 percent from 3.2 percent in November. Compared with December 2023, the rate was unchanged.
Economic growth, on the other hand, expanded 5.6 percent in 2024 from 5.5 percent in 2023, Malaya Business Insight reported on January 31.
Ortiz-Luis is optimistic the lower unemployment rate will be sustained as job-generating industries like construction and tourism continue to improve, coinciding with the dry months.
He added the election season would create jobs, albeit temporary ones, particularly for food and beverage, services, printing, media among others.
“These are seasonal jobs,” he said.
What is worth noting, Ortiz-Luis said, is that when unemployment drops, underemployment also falls.
“That means the quality of the jobs held is improving and less people are looking for better jobs or are seeking for more hours of work,” Ortiz-Luis added.
