Government Prioritizes High-Quality Jobs to Tackle Vulnerable Employment: NEDA
In response to the escalating issue of vulnerable employment, particularly among self-employed and unpaid family workers, the National Economic and Development Authority (NEDA) affirms the government’s commitment to generating high-quality and high-paying jobs.
The announcement comes in the wake of the release of the July 2023 Labor Force Survey (LFS), indicating a decrease in the country’s unemployment rate to 4.8 percent from 5.2 percent in the corresponding month of the previous year.
Despite the improvement in unemployment figures, there was a notable decline in the labor force, down by 3.1 million in July 2023 compared to the same period in the previous year. This resulted in a decrease in the labor force participation rate to 60.1 percent, down from 65.2 percent in July 2022. Concurrently, total employment witnessed a decline of 2.8 million in July 2023.
The July 2023 LFS also highlighted an increase in underemployed persons, reaching 7.10 million, with an underemployment rate of 15.9 percent, equivalent to 562,000 additional underemployed individuals. This rate is higher than the 13.8 percent recorded in July 2022.
NEDA Secretary Arsenio M. Balisacan affirmed the government’s unwavering commitment to enhance the business climate in the country, attracting more investments that will pave the way for the creation of high-quality and high-paying jobs.
“Improving the business climate in the country is crucial to attract more investments, which will lead to the creation of high-quality and high-paying jobs,” stated Secretary Balisacan.
He emphasized the significance of expediting the implementation of the FY 2023 budget and the government’s infrastructure initiatives under the ‘Build-Better-More’ flagship projects. These projects aim to fortify the country’s competitiveness and generate additional job opportunities for the workforce.
Secretary Balisacan also highlighted the Marcos Administration’s commitment to rolling out programs that enhance the skillsets of Filipino employees.
“We will focus on expanding upskilling and retooling programs to improve the country’s labor market performance. These are critical to assisting members of the workforce, particularly those in vulnerable employment, to improve their employability and allowing them to move across industries and occupations,” he added.
The government remains steadfast in its dedication to addressing labor market challenges, ensuring the creation of sustainable employment opportunities, and fostering the overall economic well-being of the Filipino people.
