The Department of Labor and Employment (DoLE) is optimistic about the future of employment in the Philippines, as indicated by the positive developments in the latest Labor Force Survey (LFS) conducted by the Philippine Statistics Authority (PSA). Labor Secretary Bienvenido Laguesma believes that the collaboration between the business sector and the investment commitments made during the President’s international trips will play a crucial role in sustaining the country’s positive employment outlook.
According to the PSA’s report, the unemployment rate in November 2023 decreased to 3.6 percent from the 4.2 percent recorded in both October 2023 and November 2022. This decline is significant as it represents the lowest unemployment rate since 2005, with 1.83 million unemployed Filipinos, down from 2.18 million in the same period in 2022 and 2.09 million in October 2023.
Conversely, the employment rate improved from 95.8 percent to 96.4 percent, indicating that 49.64 million Filipinos are currently employed. The underemployment rate also saw a decline, dropping to 11.7 percent from 14.4 percent in November 2022 and remaining steady at 11.7 percent in October 2023.
Secretary Laguesma emphasizes the importance of closely monitoring the developments in the labor market to ensure that the Labor and Employment Plan aligns with the Philippine Development Plan 2023-2028. He attributes the year-on-year increase in employment to growth in various sectors, such as agriculture and forestry (1.24 million), construction (453,000), transportation and storage (308,000), fishing and aquaculture (305,000), and administrative and support service activities (189,000).
The decline in joblessness can be attributed to the gradual reopening of the economy following the Covid-19 pandemic. Additionally, the concerted efforts of multiple government agencies in creating more job opportunities have contributed to this positive trend. Furthermore, the easing of Covid restrictions has played a significant role in the recovery of businesses, resulting in an improved employment situation during the holiday season.
The PSA’s data also reveals that the labor force participation rate (LFPR) in November 2023 stood at 65.9 percent, slightly lower than the rate of 67.5 percent reported for the same period in the previous year but higher than the rate of 63.9 percent in October 2023.
Looking ahead, Secretary Laguesma expects the investments and job commitments resulting from the President’s foreign engagements to materialize in the first quarter of the year. These engagements have garnered significant investment pledges, which are projected to generate around 200,000 new jobs.
While investment pledges are crucial, the challenge lies in creating high-quality jobs. Secretary Laguesma acknowledges this and expresses hope that the commitments made by investors to the President will be realized. In addition to investment pledges, the government is actively working on improving the ease of doing business and expediting employment processes to encourage businesses to establish themselves in the country.
Secretary Laguesma highlights the importance of creating an enabling environment that promotes industrial peace and respects the rights of both workers and employers. The government also aims to enhance efforts towards improving the employability of the youth.
In conclusion, the Philippines is experiencing a positive employment outlook, with a decline in the unemployment rate and an increase in the employment rate. The collaboration between the government, business sector, and international investors is expected to drive further job creation. The government remains committed to monitoring labor market developments and ensuring that the Labor and Employment Plan aligns with the country’s long-term development goals.
Source: The Manila Times
