Finance Secretary Ralph G. Recto has highlighted the continued strength of the Philippine labor market which posted an unemployment rate of 3.2% in November 2024, the second lowest since the recorded 3.1% in December 2023 and June 2024.
The year-to-date average unemployment rate of 3.9% is well below the Philippine Development Plan’s 2024 full-year target range of 4.4% to 4.7%.
With this, the total number of employed Filipinos as of November 2024 stands at 49.5 million, higher than 48.2 million in October 2024. This translated to an additional 1.4 million new jobs for the month.
“Lalong gumaganda at lumalakas ang ating labor market. At dahil sa patuloy na pagbaba ng inflation rate at paglago ng ekonomiya, asahan po nating mas maraming trabaho pa ang magbubukas para sa ating mga kababayan. We are working non-stop to ensure that we open more economic opportunities to Filipinos, so we can provide more and quality jobs to our people and boost our economy,” the Finance Chief said.
In November 2024, the underemployment rate also fell to 10.8% from 11.7% in November 2023 and 12.6% in October 2024. This translated to an average underemployment rate of 12.0% from January to November 2024, the lowest level recorded.
“This development is a testament to our efforts not just to bring additional jobs, but also better quality jobs for Filipinos,” Secretary Recto added.
The services sector continued to be the leading employment generator with a share of 62.1% of total employment in November 2024. This was followed by the agriculture and industry sectors, which accounted for 20.0% and 17.9% of total employment, respectively.
The manufacturing sector was the biggest employment driver for the month, adding 784,000 more workers to the labor force compared to the previous year. This reflected the sector’s strong expansion, driven by increasing demand as manufacturers scale up operations during the holiday season and election year.
Manufacturing was followed by accommodation and food service activities (528,000); human health and social work activities (303,000); other service activities (239,000); and transportation and storage (190,000).
Wage and salary workers also continued to make up the largest share of employed persons in the country at 63.8% in November 2024, indicating the continued expansion of the middle class as more and more Filipinos are engaged in formal and stable jobs.
Wage and salary workers significantly increased by 1.1 million in November 2024 compared to the same month last year, with 303,000 of these individuals holding managerial positions.
Among wage and salary workers, those employed in private establishments remained to have the highest share of 78.7%, while the public sector share was just 17.4%.
The government employs a multifaceted strategy to sustain the country’s vibrant labor market, which involves fostering investments in quality, job-generating sectors; enhancing workforce skills and mobility; and improving employment facilitation services.
The accelerated implementation of the recently enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act and the Enterprise-Based Education and Training (EBET) Framework Act is expected to attract more capital-intensive investments into the country and generate jobs in higher value-added sectors.
Moreover, the Department of Labor and Employment (DOLE) has recently launched the National Occupational Safety and Health (NOSH) Strategy, which will further improve the physical working environments of Filipino workers, while ensuring their equal access to training and the protection of their rights.
Meanwhile, the Technical Education and Skills Development Authority’s (TESDA) Training for Work Scholarship Programs (TWSP) is expected to address the critical skills shortage in priority sectors, particularly in Business Process Outsourcing (BPO), metals and engineering, construction, and tourism.
In line with the rise of digital technology, the government is also working to reskill and upskill the workforce for Artificial Intelligence (AI) roles. It has also developed a comprehensive set of policies and institutions to address climate change and encourage employment in green jobs.
