Joblessness drop hailed

The Department of Labor and Employment (DoLE) on Thursday hailed the record low unemployment rate of 3.1 percent in June, the second lowest since April 2005.

Labor Secretary Bienvenido Laguesma said the positive trend was driven by the robust economic growth, particularly in construction; the wholesale and retail trade; repair of motor vehicles and motorcycles; and accommodations and food service sectors.

He said the sectors collectively contributed to a 96.9-percent employment rate, or 50.28 million employed persons — higher by 1.44 million compared to the 48.84 million in 2023.

Laguesma also welcomed the 577,000 new entrants to the labor sector with some already having found employment in June 2024. Female labor force participation, meanwhile, increased by 346,000 workers year-on-year.

Despite these gains, the Labor chief cited the urgent need to address underemployment, which increased by 208,000 year-on-year, equivalent to a 12.1-percent underemployment rate nationwide in June 2024.

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

To address the concern about higher quality jobs, the DoLE, in coordination with the Trabaho Para sa Bayan Inter-Agency Council chaired by the National Economic and Development Authority, said it is intensifying its efforts to implement the national employment masterplan.

This, the department said, is in alignment with President Ferdinand R. Marcos Jr.’s directive to create and generate quality, regular and decent jobs.

“The DoLE remains steadfast in its commitment to creating a more inclusive and resilient labor market for all Filipinos,” Laguesma said.

“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,” he added.