PBBM lauds rising job opportunities

‘We’re seeing a rise in labor force participation (66.6 percent), an increase in employment rate (96.9 percent), and a significant drop in unemployment rate’

President Ferdinand Marcos Jr. remains committed to fostering employment growth as the country’s labor force participation and employment rate improved in December 2023.

In a statement posted on X on Thursday, Marcos expressed his satisfaction with the positive results of the latest Labor Force Survey for December 2023.

Marcos said the LFS paints a promising picture for the country’s economy, highlighting significant progress and resilience in the country’s labor market.

“We’re seeing a rise in labor force participation (66.6 percent), an increase in employment rate (96.9 percent), and a significant drop in unemployment rate (3.1 percent). This progress reflects growing confidence and more opportunities for Filipinos,” Marcos said.

Positive momentum

Marcos attributed this positive momentum to robust growth across all major industry groups, with construction, agriculture and services leading the charge.

“In the Bagong Pilipinas (New Philippines), progress and prosperity are brought to every household, for sure, there are good jobs awaiting every Filipino,” Marcos said.

Marcos said the government shall also pursue up-skilling and re-skilling initiatives and promote innovation to prepare the workforce with the necessary skills and adaptability to thrive in many high-quality employment opportunities.

The Chief Executive also pointed out that his administration’s plans include the implementation of both demand- and supply-side interventions, such as pro-investment reforms and strategic partnerships, aimed at attracting more investments.

He added that initiatives like the Public-Private Partnership Code and the 4PH Housing Program are expected to stimulate economic activity and generate additional job opportunities.

Latest data released by the Philippine Statistics Authority on Wednesday showed that the underemployment rate in December 2023 eased to 3.1 percent from the 3.8 percent recorded in November 2023 and the 4.3 percent posted in December 2022.

PSA said the number of unemployed Filipinos reached at 1.6 million in December 2023, lower than the reported 2.22 million in December 2022.

The country’s unemployment rate rose to 96.9 percent (or 50.52 million) in December 2023, higher than the 95.7 percent (or 49 million) registered in December 2022.