In a significant milestone for the Philippine economy, the unemployment rate dropped to a historic low of 3.8% in 2024, the best figure since 2005, according to the Philippine Statistics Authority (PSA). This achievement was highlighted during the ‘Trabaho sa Bagong Pilipinas’ job fair held at the Rizal Memorial Sports Complex in Manila on January 31, 2025. The PSA announced these encouraging statistics on February 6, 2025, reflecting a robust labor market throughout the previous year.
The unemployment rate saw a further decline to 3.1% in December 2024, with the number of unemployed Filipinos decreasing to 1.94 million from 2.19 million in 2023. The employment rate soared to 96.2%, up from 95.6% the previous year, with an estimated 48.85 million Filipinos employed. The underemployment rate also improved, dropping to 11.9% in 2024 from 12.1% in 2023, indicating a better quality of jobs available.
In December alone, the employment rate reached 96.9%, with 50.19 million Filipinos employed and only 1.63 million unemployed. Key sectors driving employment growth included transportation and storage, construction, administrative and support services, public administration and defense, and human health and social work activities.
The National Economic and Development Authority (NEDA) praised the positive developments in the labor market, emphasizing the government’s commitment to enhancing both supply and demand-side measures to create a more dynamic labor environment. NEDA Secretary Arsenio Balisacan highlighted initiatives like the Enterprise-Based Education and Training (EBET) Framework to improve workers’ skills and promote inclusive work arrangements.
Efforts to support returning overseas Filipino workers (OFWs) were also intensified, with programs like the AKSYON Fund and the Emergency Repatriation Fund providing immediate assistance. The National Reintegration Center for OFWs is implementing comprehensive programs to aid OFWs in their transition back into the local economy, with plans to expand AKSYON centers to improve service accessibility.
Balisacan stressed the government’s goal to sustain job creation, enhance employment quality, and ensure economic security for all Filipinos, aiming for a resilient and future-ready workforce.