Despite the decrease in the number of Filipinos with jobs in December, the country’s unemployment and underemployment rates fell to a 20-year low, according to the Philippine Statistics Authority (PSA).
In a briefing on Thursday, National Statistician Claire Dennis S. Mapa said the unemployment rate of 3.8 percent and underemployment rate of 11.9 percent in 2024 was the lowest since the start of the series or since 2005.
This was despite the 339,000 decline in the number of Filipinos with jobs in December 2024. In December last year, there were 50.19 million Filipinos with jobs, lower than the 50.52 million posted in December 2023.
“Patuloy na isusulong ng pamahalaan ang ating economic transformation agenda at sisiguraduhin ang katatagan ng ating ekonomiya sa pamamagitan ng pagpaparami ng ating mga growth drivers,” Balisacan said.
“Sa pamamagitan ng innovation, paggamit ng teknolohiya, at mga estratehikong pamumuhunan, layunin nating paunlarin ang mga bagong sektor at industriya, upang maging isang competitive na alternatibo ang ating bansa sa global supply chains,” he added.
By broad industry group, PSA said the services sector continued as the top sector in terms of the number of employed persons with a share of 60.5 percent of the total number of employed persons in December 2024.
The agriculture and industry sectors accounted for 21.3 percent and 18.3 percent of the total number of employed persons, respectively.
The data also showed wage and salary workers continued to account for the largest share of employed persons with 63.1 percent of the total number of employed persons in December 2024.
This was followed by self-employed persons without any paid employee at 28.5 percent and unpaid family workers at 6.8 percent. Employers in their own family-operated farm or business had the lowest share of 1.6 percent.
In December, the labor force participation rate (LFPR) stood at 65.1 percent, down from 66.6 percent in December 2023. The youth LFPR also fell to 31.9 percent from 34.5 percent, mainly due to schooling at 479,000.
Similarly, the female LFPR dropped to 54.7 percent from 56.3 percent, as more women reported household responsibilities at 671,000 as a barrier to employment.
To align with workforce trends and industry demands, Neda said the government is promoting more inclusive work arrangements that meet the needs of individuals from diverse backgrounds, reducing barriers to labor force participation.
Efforts to expand employability will also be intensified, including the implementation of the Enterprise-Based Education and Training (EBET) Framework to equip workers with industry-relevant skills.
Image credits: Bernard Testa
