Marcos attributes progress in labor market to robust economy ~ HUMAN RIGHTS PROMOTIONS

Friday, February 9, 2024

Marcos attributes progress in labor market to robust economy

Friday, February 09, 2024 Herbert Curia - Promoter No comments

From the Website of PNA
links https://www.pna.gov.ph/articles/1218493

Marcos attributes progress in labor market to robust economy

MANILA – The robust Philippine economy has played an essential role in improving the
employment situation in the country, President Ferdinand R. Marcos Jr. said Thursday.

Marcos made the statement, as he welcomed the increase in employment rate in Dec. 2023, noting that it is an indication that more opportunities are opening up for the Filipino workforce.

He added that the better employment situation signifies an improvement in job quality and stability.

“This positive momentum is attributed to robust growth across all major industry groups, with construction, agriculture, and services leading the way,” Marcos said in an X post.

Marcos said the government would pursue upskilling and reskilling initiatives and promote innovation to provide the country’s workforce with the necessary skills and adaptability “to thrive in many high-quality employment opportunities”.

“Looking ahead, our government remains committed to fostering a conducive and enabling environment for employment growth,” Marcos said.

“We will continue to implement both demand- and supply-side interventions, including pro-investment reforms and strategic partnerships, to attract more investments,” he added.

Marcos also noted that several initiatives such as the Public-Private Partnership Code and the Pambansang Pabahay Para sa Pilipino Housing Program will further stimulate economic activity and create more job opportunities in the country.

In a separate statement, Budget Secretary Amenah Pangandaman said the strong-paced employment gains reflect the “steady growth” of the Philippine economy.

“This strongly proves that this administration’s multifaceted and whole-of-government approach is working towards the enhancement of our labor sector,” Pangandaman said.

The current administration would continue to strive for a “better, brighter Philippines with a well-trained, inclusive, and dynamic workforce," she added.

The latest Labor Force Survey (LFS) released by the Philippine Statistics Authority (PSA) on Wednesday showed that the underemployment rate in Dec. 2023 further fell to 3.1 percent from the 3.8 percent recorded in Nov. 2023 and the 4.3 percent posted in Dec. 2022.

The latest unemployment figure was the lowest since the PSA introduced a new methodology for measuring the LFS in 2005.

According to PSA's report, the number of unemployed Filipinos was estimated at 1.6 million, lower than the reported 2.22 million in Dec. 2022.

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