PH unemployment rate improves to 3.9% in October

The country’s unemployment rate showed an improvement to 3.9% in October, or down from the 4.2% in the same month of 2023.

According to the Philippine Statistics Authority (PSA), the full-year unemployment rate stood at 4.3%, surpassing the government’s 2024 target of 4.4% to 4.7%.

The National Economic and Development Authority (NEDA) added the decrease in the unemployment rate in October reflects continued improvement in the country’s labor market, with total employment rising to 48.2 million, an increase of 369,000 from the previous year.

The full-year unemployment rate stood at 4.3%, surpassing the government’s 2024 target of 4.4% to 4.7%t.

“The latest survey results show positive employment outcomes, with notable progress in reducing unemployment,” NEDA Secretary Arsenio Balisacan said.

“Full-year headline figures reflect sustained improvement but underscore the need to intensify efforts to create more and better-quality jobs.”

On the underemployment rate in October, this increased to 12.6% percent from 11.7 % in the same month last year. This means about 486,000 individuals, mostly in wholesale and retail trade, agriculture, and forestry, were seeking more working hours.

However, the 10-month underemployment rate slipped to 13.3%this year from 13.6% of the same period in 2023.

Balisacan reiterated the government’s commitment to generating quality employment through new laws and initiatives, including the CREATE MORE Act and the upcoming Trabaho Para sa Bayan Plan, which will guide efforts to strengthen the labor market in the coming years.

“With these policies in place, we are confident that we can further enhance the labor market and create more and better-quality income opportunities for Filipinos. This aligns with our goal of fostering sustainable and resilient economic growth for the country, even as we navigate disruptions, such as AI and other emerging technological advancements,” he said.