National Statistician Dennis Mapa reported an uptick in the country’s employment rate, which has reached 96 percent in August this year, coming from 95.6 percent in August of 2023. The August 2024 figure is also higher in comparison to the rate logged in July, at 95.3 percent.
This 96 percent corresponds to approximately 49.15 million Filipinos in employment. In the same month of the previous year, there was 48.07 million, and in July 2024, 47.40 million.
The Labor Force Participation Rate (LFPR), or the ratio between the employed and unemployed among Filipinos aged 15 through 64, climbed to 64.8 percent or 51.22 million employed in August, whereas in August 2023, the employed had only numbered to 50.29 million.
Mapa also said that there have been more females joining the labor force.
“Year-on-year between August 2023 and August 2024, about 1.03 million female workers joined the labor force and about 1.03 million were absorbed in the labor market, meaning they are employed. Most of them worked for more than 40 hours a week,” he said.
Five industries which saw the greatest influx of workers are: wholesale and retail trade, at 1.13 million workers more; public administration and defense with an added 678,000 workers; accommodation and food service activities which pulled in 537,000 more workers; other service activities at 380,000 more workers; and, lastly, transportation and storage employed 342,000 more workers.
The unemployment rate dipped to 4 percent or 2.07 million Filipinos, from 4.4 percent or 2.22 million last year and 4.7 percent, or 2.38 million, in July 2024.
The underemployed, who wish for more work hours, for another job, or for one with longer work hours, is at 5.48 million. This is 11.2 percent from 11.7 percent in 2023.
The improvement in labor market results may bode for a better holiday season.
Additionally, the “national employment master plan” Trabaho Para sa Bayan (TPB) 2025-2034 will undergo drafting in the following month. It is anticipated that its finalization will come within the year.
