Manila: The country’s employment rate is anticipated to see further improvements in the coming months, spurred by increased demand during the Christmas season, according to an economist. The festive period is expected to generate more job opportunities, enhancing the overall employment landscape.

According to Philippines News Agency, Rizal Commercial Banking Corporation’s chief economist Michael Ricafort noted in a Viber message that the uptick in manufacturing and production activities in anticipation of the seasonal demand could have influenced the latest employment figures. As of August this year, the number of employed individuals in the Philippines was approximately 49.15 million, with the employment rate at 96 percent, an increase from 95.6 percent in the same month last year.

The Philippine Statistics Authority is set to release the September 2024 employment data on Wednesday, which is eagerly awaited by economists and policymakers alike. Ricafort highlighted that the seasonal rise in hiring is likel
y to enhance employment opportunities, particularly in the services and retail sectors, both in preparation for and during the holiday season.

Ricafort further explained that the easing inflation trend is expected to boost economic and business activities, thereby contributing to increased employment. He also mentioned that the decisions by the US Federal Reserve and the Bangko Sentral ng Pilipinas to reduce key interest rates are anticipated to stimulate loan demand, pave the way for new investments and expansion projects, increase exports and imports, and ultimately boost sales and production, all of which are crucial for job creation.