The unemployment rate in the Philippines increased to 4.5% in January 2024, compared to a record low of 3.1% in December 2023. However, on a year-on-year basis, the jobless rate improved from 4.8% in January 2023. The government aims to attract investments and create high-quality employment opportunities.
Unemployment rate in the Philippines climbed to 4.5 percent in January 2024 from a record low of 3.1 percent in December 2023, the Philippine Statistics Authority (PSA) said Friday. Results of the Labor Force Survey (LFS) showed, however, that on a year-on-year basis, the jobless rate improved from 4.8 percent in January 2023.
“The Marcos administration remains committed to creating a favorable business environment to attract both local and foreign investments in the country, aiming to generate more high-quality employment opportunities,” the National Economic and Development Authority (NEDA) said in a statement. The underemployment rate in January 2024 also eased to 13.9 percent 14.1 percent reported in the same month last year. “The government sustains its push to attract more job-generating investments by creating an enabling policy and regulatory environment. At the same time, linkages between industry, the academe and the public sector will be strengthened to address skill mismatches in the labor market,” said NEDA Secretary Arsenio Balisaca
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