MANILA – The Philippines witnessed a significant increase in employment rates:The Philippines witnessed a significant increase in employment rates, reaching 96 percent in August this year, up from 95.6 percent in the same month last year, according to National Statistician Dennis Mapa. This improvement also marks a rise from the 95.3 percent recorded in July this year.
According to Philippines News Agency, in a briefing on Tuesday, Mapa detailed that the number of employed Filipinos in August 2024 was estimated at 49.15 million. This is an increase from August 2023, which saw 48.07 million employed, and from July 2024, with 47.70 million. Industries leading in employment gains included wholesale and retail trade; public administration and defense; accommodation and food service activities; other service activities; and transportation and storage.
Mapa also highlighted the Labor Force Participation Rate (LFPR) for August, which was estimated at 64.8 percent, translating to about 51.22 million Filipinos aged
15 years and older who were either employed or unemployed. This is an increase from 50.29 million in August last year. Mapa noted a significant trend of increasing female participation in the workforce, with approximately 1.03 million additional female workers compared to the previous year.
The unemployment rate fell to 4.0 percent, down from 4.4 percent in August last year and 4.7 percent in July this year. The number of unemployed Filipinos dropped to 2.07 million, lower than the 2.22 million in August 2023 and 2.38 million in July this year.
Underemployment also showed improvement, with the rate decreasing to 11.2 percent from 11.7 percent in August 2023. This underemployment rate represents those who are seeking additional hours of work, a new job, or an additional job with longer working hours, totaling 5.48 million Filipinos.
In response to the labor market’s positive trajectory, the National Economic and Development Authority (NEDA) expressed optimism about the upcoming holiday season. NEDA Secretar
y Arsenio Balisacan attributed this optimism to both the robust employment figures and the country’s four-year-low inflation rate of 1.9 percent recorded in September 2024.
Balisacan emphasized the importance of strategic investments in human capital and priority sectors as outlined in the Philippine Development Plan 2023-2028. He also mentioned the upcoming drafting of the Trabaho Para Sa Bayan (TPB) Plan 2025-2034, set to begin next month and expected to be finalized by year-end. Further, Balisacan urged for the swift passage of the Konektadong Pinoy Bill, which aims to enhance various sectors including technology, education, health, and agriculture.
Lastly, he stressed the need for accelerating key infrastructure projects in energy, logistics, and connectivity to attract investments in higher value-added sectors, which are crucial for enhancing labor productivity and economic growth.