The Philippines reached a significant development with its record low unemployment rate of 3.1% as of December 2023, the Philippine Statistics Authority (PSA) reports. The positive trend reflected by the number is highly indicative of the labor market’s inherent resistance against economic fluctuations and is a sign of the country’s dedication to improvement.
Arsenio Balisacan, the National Economic and Development Authority (NEDA) Secretary, details other initiatives and interventions such as the Lifelong Learning Bill, Apprenticeship Bill, and the Enterprise Productivity Act, and expresses his support for the ongoing upward trend of the country’s labor market. Balicasan puts his trust in the government’s pursuit of legislations that will provide better foundations for economic development and prosperity and has confidence in the economic sector’s ever-increasing momentum.
Additionally, the youth underemployment rate rose from 11.6% to 9.2% in around the same time frame from the previous year.
The record-low unemployment rate in December 2023 is the result of the government’s continuous intervention that is targeted at the root of the economic system, as well as the commitment to bettering the country’s flawed labor market. Crucial decisions in the form of policies, consistent regulations amongst labor institutions, and constant self-checking will determine whether the Philippines will be able to keep its growing momentum afloat.