NEDA Emphasizes Marcos Administration’s Commitment to Enhance Employment Quality
The National Economic and Development Authority (NEDA) highlighted the steadfast commitment of the Marcos Administration to generate high-quality and high-paying job opportunities for workers, following the release of the latest employment statistics.
According to the Philippine Statistics Authority’s report, the unemployment rate in August 2023 decreased to 4.4 percent, a significant drop from the 5.3 percent recorded in the same month last year and the 4.8 percent in July 2023. This reflects a decrease of about 468,000 unemployed individuals.
Moreover, the underemployment rate also showed improvement, declining from 14.7 percent in August 2022 and 15.9 percent in July 2023 to 11.7 percent in August this year. This translates to 1.4 million fewer underemployed persons, particularly in the services and industry sectors. Underemployed persons are individuals seeking additional work in their present job or desiring additional hours or a new job.
Total employment increased by 203,000 in the agriculture and industry sectors. Other indicators pointing to enhanced employment quality include increased wage and salary, full-time employment, and decreased vulnerable and part-time employment.
However, challenges remain as middle- and high-skilled occupations decreased by 354,000, while low-skilled occupations increased by 551,000 compared to the previous year.
NEDA Secretary Arsenio M. Balisacan affirmed the government’s commitment to creating better job opportunities. “To raise the quality of employment further, the Marcos administration is committed to exerting all efforts to shape an attractive business climate for investors who have the resources needed to bring in high-quality and high-paying jobs,” he said.
Balisacan cited recent developments such as the Senate’s approval of the Public-Private Partnership (PPP) Act and the launch of the National Innovation Agenda and Strategy Document (NIASD) 2023-2032 as initiatives expected to open greater opportunities for the Philippine labor market.
The PPP Act, approved by the Senate on September 25, 2023, aims to create a stable environment for collaboration between the public and private sectors, reducing transaction costs and improving the ease of doing business for PPPs.
The NIASD 2023-2032, approved by the National Innovation Council and launched on September 27, 2023, outlines strategies to enhance innovation governance, including equipping innovation actors with the necessary resources and skills.
“The PPP Act clarifies long-standing ambiguities that hindered the implementation of projects creating better job opportunities. The NIASD serves as the government’s blueprint for establishing a dynamic innovation ecosystem, comprising a Filipino workforce equipped with 21st-century skills,” Balisacan concluded.
