Marcos: Phl unemployment rate lowest in two decades

President Ferdinand "Bongbong" Marcos Jr. announced Thursday that the Philippines' unemployment rate dropped to 3.8 percent in February, lower than the 4.3 percent unemployment rate in 2024, the lowest level in two decades.

In his Labor Day speech, Marcos credited the positive trend to local economic management, emphasizing increased investor confidence and ongoing job creation efforts.

"Due to a thriving economy, last year we reached the lowest unemployment rate in 20 years at 4.3 percent. The situation in our labor market continues to improve. In February, our unemployment rate further dropped to 3.8 percent," he said in Filipino.

He also highlighted that from 2022 to 2024, the Philippines attracted $27 billion in investments, while investment promotion agencies recorded over P4 trillion in investments during the same period.

“These companies are expected to create over 352,000 jobs for our countrymen, thanks to a vibrant economy,” Marcos added.

To further address unemployment, Marcos underscored the government’s aggressive job fair program, which hosted over 4,000 job fairs, drawing more than one million participants, with nearly 170,000 job seekers hired on the spot.

One-stop shop

Marcos also announced the rollout of “one-stop shops” at job fair venues. These bring together agencies such as the Bureau of Internal Revenue, National Bureau of Investigation, Philippine Statistics Authority, Professional Regulation Commission, SSS, PhilHealth, and Pag-IBIG, enabling applicants to secure clearances and documents on-site. With support from the Department of Health, free medical services, including X-rays, laboratory tests, and doctor consultations, are also being provided for medical clearances.

“It’s already difficult to look for a job. Why should we make it even harder for those who are trying?” he remarked.

Certifications push

Marcos also mentioned improvements in workforce training. He said the Technical-Vocational-Livelihood track in senior high school is being strengthened to equip students with TESDA certifications upon graduation.

In November 2024, the Enterprise-Based Education and Training Framework Act was signed into law. Marcos said the measure ensures training programs are aligned with actual industry needs. “This guarantees that our trainees will have jobs waiting for them once they complete their training,” he said.

For licensed professionals, Marcos suggested a review of Republic Act 10912, or the Continuing Professional Development (CPD) Act, saying it must not merely be about compliance. “It should be about giving professionals a fair shot at advancing in their chosen fields,” he said.

Emergency employment

Alongside job creation, the government is reinforcing support systems for workers facing crises. Since 2022, nearly 11 million Filipinos have received emergency employment through the TUPAD program. Over 21 million individuals were aided through Assistance to Individuals in Crisis Situations, and nearly 740,000 were helped through the Sustainable Livelihood Program.

“We want you to have more time with your families,” Marcos said. “We’re making sure that when times get tough, our citizens have someone and something to lean on.”

He also reaffirmed the government’s commitment to upholding global labor standards.