The Philippine Statistics Authority (PSA) has reported a significant improvement in the country's employment rate, marking a positive trend in the labor market. The latest data for April shows a notable increase in employment, with the rate climbing to 96 percent, surpassing last year's estimate of 95.5 percent.
Several key industries have shown remarkable growth, contributing significantly to the employment rate:
- * Accommodation and Food Service Activities: This sector saw the largest increase, with 638,000 more employed individuals.
- * Construction: Employment in the construction industry rose by 378,000.
- * Transportation and Storage: This sector added 289,000 jobs.
- * Manufacturing: An increase of 285,000 jobs was recorded in manufacturing.
- * Other Service Activities: This category saw a rise of 200,000 in employment.
Addressing Underemployment
Despite the positive trend in employment, underemployment remains a concern. Currently, 7.04 million individuals are seeking additional hours or new jobs with longer hours, translating to an underemployment rate of 14.6 percent. This indicates a continued need for quality job opportunities.
Government Initiatives and Infrastructure Development
The National Economic and Development Authority (NEDA) emphasized the government's commitment to creating more high-quality jobs by investing in human capital and prioritizing infrastructure development.
"The government's massive infrastructure push is expected to create opportunities in several priority sectors, such as energy, logistics, and tourism," said NEDA Secretary Arsenio Balisacan. The government is also exploring quality job growth in the mining sector, focusing on value-adding activities like mineral processing.
To further support these initiatives, President Ferdinand R. Marcos, Jr. has signed Executive Order 59. This order aims to expedite the implementation of Infrastructure Flagship Projects and improve the ease of doing business. This move is anticipated to further encourage investments and job creation across the country.
Trabaho Para sa Bayan Plan
Investing in human capital is a top priority. The government is also drafting the Trabaho Para sa Bayan (TPB) Plan, a comprehensive employment generation and recovery master plan aimed at addressing various labor market challenges, including unemployment and underemployment.
The TPB Plan will focus on:
- * Upskilling and Reskilling: Enhancing the employability and competitiveness of Filipino workers.
- * Support for MSMEs and Industry Stakeholders: Providing necessary assistance to micro, small, and medium enterprises, and industry stakeholders to stimulate job creation and economic growth.
