NEDA says rate is lowest recorded in nearly two decades
(Eagle News)–The Philippines registered an unemployment rate of 3.1 percent in December 2023.
According to the National Economic Development Authority, this represents a year-on-year decrease of 617,000 unemployed individuals, with its “significant” decrease from the 4.3 percent unemployment rate recorded in December 2022.
NEDA said this is also the lowest unemployment rate recorded in nearly two decades.
Citing Philippine Statistics Authority data, the underemployment rate, NEDA said, also decreased to 11.9 percent in December 2023 from the 12.6 percent reported in December 2022.
NEDA said the decline translates to 186,000 fewer underemployed or employed persons who desire additional jobs and work hours.
He said that while 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), these could be addressed through digital technology.
“The government must ensure that innovation and digitalization become integral across all sectors,” he said.
He said 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,” he added.
According to Balisacan, the government should also enact reforms in education and training programs, such as upskilling and reskilling initiatives, to promote a culture of innovation.
He said these initiatives will help equip 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,” he added.