Thursday, June 13, 2024

PSA: Employment Rate Up To 96% In April 2024


PSA: Employment Rate Up To 96% In April 2024


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The country’s employment rate was recorded at 96 percent in April, higher than the 95.5 percent estimated in the same month last year, the Philippine Statistics Authority (PSA) said on Thursday.

Major industries with the largest employment include accommodation and food service activities (+638,000), construction (+378,000), transportation and storage (+289,000), manufacturing (+285,000), and other service activities (200,000).

Meanwhile, the number of unemployed Filipinos declined to 2.04 million in April this year from 2.26 million in the same month last year, the PSA added.

In a briefing, PSA Undersecretary and National Statistician Dennis Mapa said the country’s unemployment rate was estimated at 4.0 percent, down from the recorded 4.5 percent in April 2023.

The Labor Force Participation Rate (LFPR) in April 2024 was registered at 64.1 percent, or about 50.40 million Filipinos aged 15 and above who were either employed or unemployed.

The LFPR during the month was lower than the estimated 65.1 percent in April last year.

The youth LFPR, in particular, declined to 32.6 percent from 34.7 percent as more young people opted to study.

Underemployed persons – or those who expressed the desire to have additional hours of work in their current job or to have an additional job or to have a new job with longer hours of work – was estimated at 7.04 million which translates to an underemployment rate of 14.6 percent.

In a statement, the National Economic and Development Authority (NEDA) said the government remains committed to creating more high-quality jobs for Filipinos by investing in human capital, reinvigorating industry and priority sectors, and pushing for massive infrastructure development.

“The government’s massive infrastructure push is expected to create opportunities in several priority sectors, such as energy, logistics, and tourism. The government will also explore opportunities for quality job growth in the mining sector, leveraging available technologies to develop value-adding activities such as mineral processing,” said NEDA Secretary Arsenio Balisacan.

President Ferdinand R. Marcos, Jr. earlier signed Executive Order 59, which aims to expedite the implementation of the Infrastructure Flagship Projects and improve the ease of doing business.

This is expected to further encourage investments and job creation in the country, Balisacan said.

“Investing in human capital—improving education, healthcare, and social services— remains a top priority. The government is currently drafting the Trabaho Para sa Bayan (TPB) Plan, which will serve as the country’s comprehensive employment generation and recovery master plan. It aims to address unemployment, underemployment, informal working arrangements, and other labor market challenges,” said Balisacan.

Balisacan said the TBP Plan focuses on enhancing the employability and competitiveness of Filipino workers through upskilling and reskilling initiatives. Support for micro, small, and medium enterprises and industry stakeholders is also integral to the plan.

“The government aims to assist Filipino workers in the digital age. Initiatives include reducing job search duration, upskilling the workforce, and facilitating the transition towards higher-income jobs. The urgent passage of next-generation reforms, including the Konektadong Pinoy Bill, will play a crucial role in opening up more work opportunities and developing digital skills among the workforce,” Balisacan said. (PNA)