PRESIDENT Ferdinand Marcos Jr. is elated by the “remarkable progress” in the country after the latest inflation and unemployment rates have fallen to their lowest since March 2022 and April 2005, respectively.
“With great joy, I share the remarkable progress our nation has achieved. In October 2023, our unemployment rate hit a remarkable low of 4.2 percent, the lowest since April 2005, accompanied by a sharp decline in inflation to 4.1 percent in November 2023,” Marcos said in a statement.
“This is not just a number; it signifies the lives of millions of our fellow citizens who have found new opportunities,” he added.
Marcos emphasized that the government’s dedication to fostering an environment conducive to trade and investment is paying off. The President expressed confidence in the promising journey ahead and urged the public’s support in building a resilient and prosperous Bagong Pilipinas (New Philippines).
The country’s unemployment rate in October this year was at 4.2 percent, down from the 4.5 percent recorded in the same month last year, according to the Philippine Statistics Authority’s latest Labor Force Survey. National Statistician Dennis Mapa reported that the number of unemployed Filipinos decreased from 2.24 million in October 2022 to 2.09 million in October 2023.
Furthermore, the country’s headline inflation further eased to 4.1 percent in November this year, lower than the 8 percent posted in the same month last year and the 4.9 percent registered in October this year.
Marcos called on all employers, laborers, and other stakeholders to remain united in promoting the full recovery of the labor market amid economic challenges. During the “DOLE@90 Stakeholders Night: Gabi ng Parangal at Pasasalamat” event in Pasay City, the President encouraged stakeholders to produce more and higher quality jobs towards the vision of Bagong Pilipinas.
“As we pursue a progressive and inclusive Bagong Pilipinas, I thus call on everyone — employers, workers, government, and stakeholders alike — to remain united in ensuring the full recovery of the labor market,” President Marcos said.
The President emphasized the importance of not only creating more jobs but also focusing on quality and meaningful employment that uplifts the lives and dignity of every Filipino worker.
Marcos commended the Department of Labor and Employment (DoLE) as it celebrates its 90th year of promoting gainful employment opportunities and protecting workers’ rights and welfare. He acknowledged the awardees and valuable partners of the government, affirming that labor protection and industrial peace are among his administration’s top priorities.
“Rest assured that promoting labor protection and industrial peace remain among the top priorities of this administration, as they are the keys to developing the full potential of our workers and harnessing their productivity towards nation-building,” Marcos added.
The “DOLE@90 Stakeholders Night: Gabi ng Parangal at Pasasalamat” event is part of the weeklong celebration of the DoLE’s 90th founding anniversary with the theme “Serbisyong Mabilis at Matapat sa Bagong Pilipinas.” The celebration includes nationwide job fairs, the release of payouts to beneficiaries under the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers Program, and the Kadiwa ng Pangulo para sa mga Manggagawa.
Source: The Manila Times
