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Philippines' unemployment rate decreased in January 2024

Philippines' unemployment rate decreased in January 2024

Over a third (37.44%) of the total unemployed persons per the last record are young people aged 15-24, attributing to the decrease in the labour force participation rate.

The Philippines' January 2024 Labour Force Survey revealed that more youth are going back to school, resulting in the rate of employment declining by 1.4 points from 96.9% in December 2023 to 95.5% in January 2024. 

According to the Philippines Statistics Authority (PSA), the survey revealed that the rate of employment in January 2023 was 0.3 points lower than that of this year (95.2%). 

Simultaneously however, the unemployment rate in January 2024 dropped to 4.5%, from 4.8% in the same month of the previous year.

The current unemployment rate stands at 4.5%, and remains within the target of between 4-5%, and is indicated to be in accordance with the Philippines Development Plan 2023-2028.

According to a press release by the Department of Labour and Employment, the recorded 228,000 persons in the survey were a result of a decrease in the number of unemployed individuals — therefore, indicating a positive outlook on the country's economy. 

Moreover, 37.7% of the total number of unemployed individuals are youths aged between 15-24, who may have returned to schools. Therefore, resulting in a decrease in the labour force participation rate.  

The Department of Labour and Employment added that the Philippine Development Plan 2023-2028, the Philippine Labour and Employment Plan 2023-2028 and the Work for the People Act, all will help the countrymen who invest in and belong to the 'micro, small, and medium enterprises' (MSMEs) to further develop their business.

Also, their workers will be given appropriate training, to enhance their skills and increase productivity in their respective jobs.

Additionally, the Department's youth employability programmes such as the Special Programme for Employment of Students (SPES), Government Internship Program (GIP), and JobStart Philippines continue to be widely implemented, with the aim to provide the appropriate experience and skills of youths to prepare them to enter the workforce.

READ MORE: Philippines records a 10% year-on-year rise in hiring activity in Dec 2023 | Human Resources Online 

Lead image / 123RF

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