Articles worth reading

Meralco expects higher power demand during dry season

account_balanceMetro Manila access_time5 days ago

Manila Electric Company (Meralco) executives said the firm has been preparing for higher electricity demand amid the nearing dry season and the ongoing El Niño, according to a report by Philippine News Agency. In a press briefing at its ...

12 senators register 'perfect attendance' 

account_balanceMetro Manila access_time5 days ago

Twelve senators have recorded perfect attendance since the start of the second regular session on July 24 last year, according to a report by Philippine News Agency. Senators without absences include Senate President Juan Miguel Zubiri, Senate ...

Gov’t hikes health facilities budget

account_balanceMetro Manila access_time5 days ago

There is an increase in this year’s budget for the improvement of the health facilities in the country, the Department of Budget and Management (DBM) said in a report by Philippine News Agency. In a statement, the DBM said around PHP28.58 bill...

Metro News

Unemployment rate declines to 3.1% in December 2023

account_balanceMetro News account_circleJake Cruz chat_bubble_outline0 Comments

The country’s labor market remains robust, with the lowest unemployment rate recorded in nearly two decades, as the National Economic and Development Authority (NEDA) reaffirmed the Marcos Administration’s commitment to generate more high-quality jobs for Filipinos.

According to the Philippine Statistics Authority (PSA), the Philippines recorded a 3.1 percent unemployment rate in December 2023, significantly lower than the 4.3 percent recorded in December 2022. This represents a year-on-year decrease of 617,000 unemployed individuals.

Similarly, the underemployment rate decreased to 11.9 percent in December 2023 from the 12.6 percent reported in December 2022. This decline corresponds to 186,000 fewer underemployed or employed persons who desire additional jobs and work hours.


“We welcome the news of a record-low unemployment rate, signifying the economy’s sustained momentum and resiliency of our labor market. Further, the Marcos Administration is steadfast in its commitment to prioritize creating high-paying jobs to address the longstanding vulnerabilities in our country’s employment and lower the underemployment rate, an indicator of job quality. We will continue ramping up social and physical infrastructure investments and dramatically improve human capital to strengthen our people’s employment prospects,” said NEDA Secretary Arsenio M. Balisacan.

Overall, the improvement in the labor market translated to the number of employed persons aged 15 years and above reaching 50.52 million in December 2023, which is higher than the 49.00 million recorded in the same period last year. The 96.9 percent employment rate in the country is now the highest recorded rate since April 2005.

Given these promising labor market conditions, Balisacan expressed confidence that these favorable trends will continue as the government pushes for more investments by creating an enabling policy and regulatory environment and relentlessly addressing constraints in critical areas identified by the private sector. These include the cost of energy and logistics, the ease of doing business, the competitiveness of the country’s labor force, and the consistency of rules and regulations.

On the other hand, there were employment losses in the wholesale and retail trade (-660,000), administrative and support service activities (-250,000), and fishing and aquaculture (-159,000). The PSA also noted an increase in the youth underemployment rate, rising to 11.6 percent from 9.2 percent in the same period last year.


Balisacan said that some of these issues can be addressed, in part, by further increasing the utilization of digital technology, which is crucial in raising productivity and promoting efficiency.

“The government must ensure that innovation and digitalization become integral across all sectors. To help enable such processes, we are very open to collaborating with our colleagues in Congress to tackle and ultimately pass the Open Access in Data Transmission bill. Accelerating digitalization and improving connectivity through a more competitive and vibrant ICT sector can be a game changer, especially when considering the socioeconomic opportunities that can be created and multiplied for small business owners and those in far-flung areas,” the government’s chief economic planner said.

He added that the government should enact reforms in education and training programs, such as upskilling and reskilling initiatives, to promote a culture of innovation. He said these efforts will prepare the workforce with the necessary skills and adaptability to thrive in the evolving digital landscape.

“We will continue to advocate for interventions to support a more agile and adaptive workforce, such as the Apprenticeship Bill, Lifelong Learning Bill, and Enterprise Productivity Act. These efforts will complement the various initiatives to provide upgraded and expanded employment facilitation services to support our robust labor market,” Balisacan added.

date_rangeDate Published
3 weeks ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

CSC prepares to hold civil service exam

account_balanceMetro Manila chrome_reader_mode3 days ago

School assignments and important reminders for the examinees of the Career Service Examination-Pen and Paper Test (CSE-PPT) to be held on March 3, 2024 are now available online, according to a report by Philippine News Agency. “We urge the 361...

Construction of housing units under 4PH set to start

account_balanceMetro Manila chrome_reader_mode1 week ago

It's "all systems go" for the construction of in-city housing units under the administration's Pambansang Pabahay para sa Pilipino (4PH) Program, a House leader said in a report by Philippine News Agency. House Appropriations Commi...

Photo courtesy of: DMW

DMW signs MOA with LandBank, OF Bank for Saudi claims facilitation 

account_balanceMetro Manila chrome_reader_mode1 day ago

The Department of Migrant Workers (DMW) in partnership with the Landbank of the Philippines (LANDBANK), and the Overseas Filipino Bank (OFBank) take a significant step in supporting displaced overseas Filipino workers (OFWs) whose Saudi Arabian compa...

Senior, PWDs can avail of P500 monthly discount 

account_balanceMetro Manila chrome_reader_mode5 days ago

Senior citizens and persons with disability can avail of a total of P500 monthly discount on groceries and other commodities next month, House Speaker Martin Romualdez said in a report by ABS-CBN. Romualdez said in a release that the Department of T...

Click on the article to continue reading
Quezon City adopts no contact apprehension system Red Cross pushes saliva test Vaccines from COVAX to arrive in Q1 Makati Shangri-La to close doors on Feb. 1 Cities in NCR to start vaccination simultaneously Mother, girlfriend of Filipino infected with UK variant also test positive Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature