The country’s unemployment rate in September fell to 3.7 percent from 4.5 percent in the same period last year as more jobs were created during the period, according to the Philippine Statistics Authority (PSA).
The PSA said the number of unemployed individuals in September 2024 was posted at 1.89 million, lower than the estimated number of unemployed persons of 2.26 million in September 2023 and 2.07 million in August 2024.
The employment rate in September 2024, however, increased to 96.3 percent, from 95.5 percent in September 2023 and 96. percent in August 2024.
In terms of levels, the number of employed persons in September 2024 was recorded at 49.87 million, higher than the number of employed persons of 47.67 million in September 2023 and 49.15 million in August 2024.
“We are sustaining our efforts to enhance all dimensions of our labor market. The government is urgently addressing the constraints to high-quality job creation and collaborating with the private sector to capacitate our workers with the right skills and competencies simultaneously,” National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said.
Meanwhile, the total labor force participation rate (LFPR) increased to 65.7 percent from 64.0 percent in the same period last year. An additional 1.8 million Filipinos, mainly among the prime working age (+1.1 million) and women (+1.2 million), entered the labor force.
However, the underemployment rate increased in September 2024 to 11.9 percent from 10.7 percent in September 2023.
“With the most favorable demographics in ASEAN, the Philippines is at a golden moment, and we are committed to making the most of it. This is a sign that we are harnessing our competitive advantage by providing more economic opportunities for our people,” Finance Secretary Ralph Recto said.
“And we will continue to do so by creating more quality jobs for Filipinos,” he added.
At present, the Philippines’ median age stands at only 25 years old, the lowest among ASEAN-6.
An HSBC study revealed that the Philippines’ share of the working-age population is projected to grow by as much as 15% from 2025 to 2035, the fastest in the region.
“The world is taking notice of the immense potential of Filipino talent. In our recent economic briefings abroad, investors have shown bullishness in our young, skilled, and English-proficient workforce. This is something that they value with high regard, placing us firmly on their radar,” Secretary Recto stressed.
The country’s demographic dividend is expected to boost its gross domestic product (GD)P per capita. This will not only drive up demand for consumer goods but also boost investments, as households gain the ability to allocate more funds toward savings and investment.
