QUEZON CITY, — The results from the November 2024 Labor Force Survey indicate a significant rise in employment rates, reflecting the government’s commitment to creating quality job opportunities for Filipinos.
According to a statement from Secretary Bienvenido E. Laguesma, the employment rate reached 96.8% in November 2024, an increase from 96.4% during the same period last year.
The number of employed individuals rose by 1.385 million compared to October 2024, while the unemployment rate improved from 3.6% in November 2023 to 3.2% this year.
The underemployment rate also saw a decline, dropping from 11.7% in November 2023 to 10.8% in November 2024.
Despite these positive trends, challenges remain, particularly regarding the impact of technological advancements, the rise of artificial intelligence, and climate change on labor force participation among youth and women.
Year-on-year figures reveal a decrease in participation, with the number of employed youth falling from 6.92 million to 6.516 million, and their participation rate dropping from 55.4% to 53.9%.
Key sectors contributing to job growth include manufacturing, accommodation and food services, health and social work, transportation, and other services.
The government plans to enhance workforce engagement through various employment programs aimed at improving job readiness and skills.
The recently enacted Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act is expected to provide additional income opportunities and stimulate economic growth. Additionally, the Enterprise-Based Education and Training Framework Act aims to address labor sector gaps by expanding training and upskilling programs in collaboration with the private sector.
Looking ahead to 2025, Laguesma expressed optimism for continued economic growth and job creation, particularly for vulnerable groups.
The Department of Labor and Employment (DOLE) will prioritize upskilling and reskilling to equip Filipino workers with the necessary skills for the evolving job market.
“As we strive for a Bagong Pilipinas, we remain steadfast in our efforts to foster inclusive growth and ensure equitable access to job opportunities,” Laguesma said. (JCO/PIA-NCR)