President Ferdinand R. Marcos Jr. reiterated his commitment to fostering a conducive and enabling “Bagong Pilipinas” to build up the momentum in employment growth following the significant progress and resilience in the country’s labor market as reflected in December 2023 labor force survey.

Citing the latest labor force survey for December 2023 where the labor force participation rate in the Philippines has increased to 66.6 percent, President Marcos said that it “indicates a growing confidence in the country’s economy.”

He added that the increase in the country’s employment rate, which reached 96.9 percent, means that more opportunities are opening up for the workforce while the drop of the unemployment rate to just 3.1 percent marked a significant improvement from last year.

He said the government will pursue the upskilling and re-skilling of the workforce to prepare them for the new and emerging demands of the labor market.

“We will also pursue upskilling and re-skilling initiatives and promote innovation to prepare our workforce with the necessary skills and adaptability to thrive in many high-quality employment opportunities,” the President said.

President Marcos also emphasized that the underemployment has also decreased to 11.9 percent, which indicates an improvement in job quality and stability.

“This positive momentum is attributed to robust growth across all major industry groups, with construction, agriculture and services leading the way. Looking ahead, our government remains committed to fostering a conducive and enabling environment for economic growth,” President Marcos said.

The chief executive also vowed to continue implementing both demand- and supply-side interventions, including pro-investment reforms and strategic partnerships, in a bid to attract more investments in the Philippines.

He added that the enactment of initiatives such as the Public-Private Partnership Code and the 4PH Housing Program will further stimulate economic activity and create more job opportunities in the country.

“Sa Bagong Pilipinas, ang pag-unlad at kasagsagan ay hatid sa bawat tahanan, sapagkat tiyak na may magandang trabahong naghihintay para sa bawat Pilipino,” he added.

The latest labor force survey for December 2023 reflects the continued improvement of the country’s jobs market and quality of employment for Filipinos, according to the Department of Finance (DOF). | PND