Unemployment declines amid upbeat business climate under Marcos
President Ferdinand Marcos | PHOTO: Official facebook page of Bongbong Marcos
More job opportunities are being created for Filipino workers amid an upbeat business climate as a result of the Marcos administration’s “sound policies” to attract investments, improve employment and boost consumption.
Ako Bicol Partylist Rep. Zaldy Co, chairman of the House Appropriations Committee, lauded the Marcos administration’s efforts to generate jobs after the Philippine Statistics Authority (PSA) reported a decline in unemployment to 3.5%.
Co attributed the decline to “a government hard at work that puts more people at work,” as the PSA reported that from 2.15 million jobless Filipinos in January 2024, the number went down to 1.8 million in February 2024, bringing the unemployment rate from 4.5% to 3.5%.
“This is clear proof that the government is doing a good job in creating more jobs for more Filipinos. A government hard at work puts more people at work,” Co said in a statement.
“Sound policies create an upbeat business climate that attract investments that generate jobs and boost consumption. This is the virtuous cycle that heightened confidence in the country’s economy inspires,” he added.
The lawmaker also lauded the Marcos administration for being able to bring down underemployment, from 6.39 million underemployed Filipinos in January 2024 to 6.08 million underemployed Filipinos in February 2024.
According to the PSA, this translates to an underemployment rate of 12.4 percent in February against the 13.9 percent in January. Underemployment is defined as workers who are seeking additional jobs or working hours to improve their income.
The National Economic and Development Authority (NEDA) earlier said the Marcos administration was working on strengthening linkages among industry, the academe, and the public sector to address skill mismatches in the labor market.
“The needs of vulnerable groups, including women, youth, older people, and those with disabilities, remain our priority to encourage workforce participation. We will improve access to quality childcare, finance, and entrepreneurship opportunities to support women’s entry and retention in the labor market,” NEDA Secretary Arsenio Balisacan said in a separate statement.
Balisacan said the government will revisit the existing policy governing alternative work modes, such as the Telecommuting Act, and adapt it to the evolving work landscape to address the growing preference for remote work.
“The government will explore enhancing the potential of part-time work to help promote lifelong learning. A framework for part-time work and similar set-ups can allow workers to retool or upskill without leaving the workforce,” Balisacan said.
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