The Department of Trade and Industry (DTI) is committed to its pursuit of providing better employment opportunities for Filipinos, following the steady employment rate recorded by the Philippine Statistics Authority (PSA)'s latest Labor Force Survey.
Preliminary data from the PSA's survey released on May 8 indicated that the employment rate in the country slightly improved on a year-on-year (yoy) basis to 96.1 percent in March 2024 from 95.3 percent in March 2023. However, it dipped by a small margin compared to 96.5 percent seen in February this year.
In reaction to the jobs data, DTI Secretary Alfredo E. Pascual said that March employment rate is a "positive development," citing the "resilience of our economic sectors and the effectiveness of government policies aimed at enhancing job creation and workforce skills development."
"The Department of Trade and Industry will continue to work closely with other government agencies, the private sector, and our stakeholders to foster a more inclusive and robust employment landscape. Our goal remains clear: to create high-quality jobs that can sustain our country's development trajectory and improve the quality of life for every Filipino," he remarked.
The PSA estimated 49.15 million persons, 15 years old and above, were employed as of March, higher than 48.58 million in March last year and the 48.95 million in February this year.
The services sector had the largest number of employed individuals, accounting for 61.4 percent of the 49.15 million, followed by the agriculture at 20.5 percent and industry sectors at 18.1 percent.
The labor force participation rate (LFPR) in March was 65.3 percent, marking a slight decrease from 66 percent LFPR in March last year, while unemployment was lower in March 2024 at 11 percent compared to 11.2 percent in the same period in 2023.