President Ferdinand Marcos Jr. remarked that the government must solve the "complicated" procedures in the bureaucracy and create an investor-friendly climate following the release of the labor force survey, which showed unemployment and underemployment at their lowest levels since 2005.
The Philippine Statistics Authority (PSA) stated on July 8 that the Philippines' unemployment rate fell to 4.3 percent in May, down from 6% in the same period last year.
It said that the underemployment rate has dropped to 11.7 percent from 14.5 percent in May of the previous year, resulting in one million fewer unemployed people.
Speaking to reporters at the Army headquarters at Fort Bonifacio on July 7, Marcos complimented the improving labor situation and assured that job creation is a government priority.
He also stated that the administration is working to create quality jobs with perks for people.
According to the President, efforts to establish a business-friendly atmosphere should benefit both foreign and domestic investors.
The unemployed are all people who are 15 or older as of their last birthday and are reported to be unemployed, available for work, or looking for work.
It also includes people who are not looking for work because they are tired or believe there is no employment available, a brief illness, bad weather, or a decision to wait for a possible job rehire or recall.
Meanwhile, underemployed people are employed people who have stated a wish to work an extra hour in their current job, to have a second job, or to start a new job with longer hours, according to the PSA.
Arsenio Balisacan, Secretary of the National Economic and Development Authority, has guaranteed the public that the government will continue to press for and execute "game-changing" changes to strengthen the country's corporate investment climate and assist in sustaining labor market advances.
He also stated that creating an enabling regulatory framework to improve the ease of doing business and stimulate innovation is a top priority for attracting investors with the technology and resources to bring in high-quality jobs.
