PSA: PH unemployment rate drops to 3.7% in September; employment rate rises to 96.3%
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NewsTranscript
00:00Both of the countries' unemployment and employment rates are moving in the right direction with joblessness dropping to 3.7%
00:09and employment going up to 96.3% according to the Philippine Statistics Authority or PSA.
00:16PTV's Joshua Garcia supplies the numbers and the details in this report.
00:23The labor situation in the Philippines continues to grow and improve.
00:26Based on data collected by the Philippine Statistics Authority for September this year.
00:30According to the PSA, the country's unemployment rate dropped to 3.7% down from 4.5% in the same month last year and 4.0% in August 2024.
00:41This is equivalent to 1.89 million unemployed individuals, a drop from 2.26 million in September 2023 and 2.07 million in August 2024.
00:52At the same time, the employment rate rose to 96.3% up from 95.5% in 2023 with 49.87 million Filipinos employed this September,
01:03an increase from 47.67 million in the same month last year and 49.15 million in August 2024.
01:11The labor force participation rate also jumped to 65.7% up from 64.1% in September 2023.
01:19National Statistician Undersecretary Dennis Mapa explained that this increase is partly due to more people seeking employment during the holiday season,
01:27despite the recent challenges posed by natural disasters.
01:30Yes, of course, because of the holiday season, more wants to work, that's why our employment rate rose in terms of both the rate and the numbers,
01:40but not all of it was absorbed full-time. And thus, you have also a substantial increase in the underemployment.
01:48When asked about the impact of recent storms on employment, Mapa acknowledged the effect it had particularly on the agricultural sector,
01:56which employs almost 20% of the workforce.
01:59It really has an impact because normally the storm we see has an effect on the agri-sector.
02:03Remember, our agricultural sector employs almost 20% of our workers.
02:09However, the outlook remains positive with more people entering the labor market, particularly in retail, accommodation, and supermarkets hiring seasonal workers during the BER months.
02:18Meanwhile, National Economic Development Authority Secretary Arsenio Balisaca stated that the government continues to prioritize improving the quality of jobs
02:27and increasing the incomes of Filipino workers. He emphasized the importance of initiatives such as the passage of the Conectado Pinoy Bill
02:34and the efforts to equip the workforce with emerging skills, especially in digital technologies and innovations.
02:40He added the government is also implementing supply and demand side interventions to meet the quality employment targets outlined in the Philippine Development Plan 2023-2028.
02:50Additionally, both NEDA and the Department of Labor and Employment, or DOLE, are continuing their projects and programs in partnership with the private sector,
02:57particularly in creating more quality jobs and building the capacities of Filipino workers.
03:02Meanwhile, Finance Secretary Ralph G. Recto highlighted the nation's demographic advantage with a median age of 25, the youngest in ASEAN, positioning the Philippines for long-term economic growth.
03:13Employment reached nearly 50 million, with more Filipinos, particularly youth and women, entering the workforce.
03:19Key sectors such as services and retail saw significant job gains, and the government is implementing plans like the Trabajo para sa Bayan Program and initiatives in technical education and AI
03:29to address skills gaps and generate more high-quality jobs.
03:33From PTV Manila, Joshua Garcia, Balitang ang Bansa.