With more women joining the workforce and jobs on the rise, the government is anticipating a merry Christmas.
Filipinos may enjoy a brighter holiday season as the latest labor survey showed improvements in the job market, National Economic and Development Authority (NEDA) said in a statement.
“A major factor observed is that many women participated in the labor force, and most of them were absorbed into our labor market,” National Statistician and Philippine Statistics Authority (PSA) Undersecretary Claire Dennis Mapa explained.
“Year on year, about 1.03 million female workers joined the labor force, and nearly all of them were employed,” Mapa added, noting its contrast with the number of male workers which declined by 103,000.
The labor market showed resilience in August, with the unemployment rate falling to 4.0 percent from 4.7 percent in July and 4.4 percent in August 2023.
The total number of employed Filipinos reached 49.2 million in August 2024, an increase from 47.7 million in July and 48.1 million in August 2023.
This represents an addition of 1.45 million jobs month-on-month and 1.08 million year-on-year.
The underemployment rate also improved, decreasing to 11.2 percent in August 2024 from 12.1 percent the previous month and 11.7 percent a year earlier.
The wholesale and retail sectors were the primary contributors to job growth in August 2024, adding 1.15 million workers.
Other sectors contributing to employment gains included public administration and defense (351,000), education (209,000), transportation and storage (207,000), and various service activities (172,000).
Wage and salary workers constituted the largest segment of the workforce at 62.4 percent in August 2024, reflecting an expanding middle class engaged in formal, stable employment.
Among these, private sector workers represented 76.4 percent, while the public sector accounted for 16.2 percent.
“These are the areas in the services sector where there has been a substantial increase, particularly for female workers,” Mapa said.
In terms of the average workweek, the PSA reported an increase to 40.7 hours, with 69. percent of workers putting in 40 hours or more.
Mapa explained that this trend is primarily driven by the workers’ desire for additional earnings or the demands of job requirements.
Meanwhile, with inflation reaching a four-year low of 1.9 percent, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan stressed that the positive results of the labor force survey could contribute to a more vibrant holiday season.
Mapa also affirmed that historically the employment rate rises during holiday season so he expects “both labor force participation and employment in the last quarter to increase.”
Meanwhile, Finance Secretary Ralph G. Recto expects further improvements in the local labor market in the coming months, driven by decreasing inflation and the approaching holiday season.
Recto said he is optimism about the potential for increased employment opportunities for Filipinos, citing a more favorable economic environment that encourages business growth.
“I am very glad of the back-to-back good news. Asahan po natin na mas maraming trabaho ang magbubukas para sa ating mga kababayan dahil sa patuloy na pagbaba ng inflation rate na magpapalakas sa kita ng ating mga negosyo at bawat pamilya,” Recto said.
[We can expect more jobs to open up for our countrymen due to the continuous decrease in the inflation rate which will strengthen the income of our businesses and every family.]
He also highlighted the expected surge in economic opportunities, particularly in the wholesale and retail sectors, as the holiday shopping season approaches.
“The latest monetary policy easing due to the deceleration of inflation will also encourage further growth in consumption and investment that translate to more quality employment for Filipinos,” the finance chief said.
“More and better jobs will allow Filipino families to spend more, boosting our economy," the official added.
The expected enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill is seen to attract significant capital investments and generate quality jobs in higher value-added sectors such as BPO, IT, construction, accounting, and healthcare.
Additionally, the government is expediting the implementation of the Build, Better, More program and the Public-Private Partnership (PPP) Code to create more high-skilled job opportunities in engineering, architecture, and consultancy.
Recto also stressed the importance of swiftly implementing the government’s Artificial Intelligence (AI) roadmap to upskill the Filipino workforce and nurture a new generation of research scientists and innovators. (Derco Rosal)