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June 2024 unemployment down to 3.1%, DOLE says citing survey

Philippines | National

June 2024 unemployment down to 3.1%, DOLE says citing survey

By Trixee Rosel

The unemployment rate for June this year went down to 3.1 percent compared to the same month in 2023, the Department of Labor and Employment (DOLE) said on Wednesday, Aug. 14.

DOLE Secretary Bienvenido E. Laguesma said the unemployment rate was at 4.5 percent on June 2023 based on the Labor Force Survey (LFS).

Laguesma attributed the improvement to robust economic growth in sectors such as construction, wholesale and retail trade, motor vehicle repair, and food services.

The sectors contributed to a 96.9 percent employment rate, with 50.28 million employed individuals, an increase of 1.44 million from the previous year.

Furthermore, 577,000 new workers joined the labor force, and female labor force participation rose by 346,000.

Despite the positive developments, the labor chief recognizes the urgent and continuing need to address underemployment, which increased by 208,000 year-on-year, resulting in a nationwide underemployment rate of 12.1 percent in June 2024.

“This increase can be attributable to seasonality of and temporary jobs, which are being collectively acted upon through a whole-of-government approach,” Laguesma said.

To improve job quality, DOLE, in partnership with the Trabaho Para sa Bayan Inter-Agency Council (TPB-IAC), chaired by the National Economic and Development Authority (NEDA), is intensifying efforts to execute the national employment masterplan in line with President Ferdinand R. Marcos Jr.’s objective of creating quality, stable, and decent employment opportunities.

“Through strategic partnerships with the private sector and targeted interventions, we aim to transform challenges into opportunities, ensuring that the benefits of economic growth are shared equitably and that no one is left behind,” Laguesma said.

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