Embracing a vision to significantly diminish joblessness by the end of the presidential term, Finance Secretary Benjamin Diokno revealed the Philippines is swiftly advancing towards President Marcos’ ambitious goal.
Asserting the President’s aspiration of achieving a strikingly low unemployment rate of four to five percent by 2028 is now within touching distance, Diokno highlighted the recent drop in unemployment figures as a testament to this progress.
Recent data unveiled a notable plunge in the unemployment rate, resting at a remarkable 4.2 percent in October, marking the lowest level since April 2005 and echoing the rate noted in November 2022. This downward trend saw a decline in the number of unemployed individuals, dropping from 2.2 million in October of the previous year to 2.1 million.
The average unemployment rate for the year 2023 stands impressively at 4.6 percent, notably below the 5.3 to 6.4 percent target outlined in the Philippine Development Plan (PDP) 2023-2028.
“We stand on the brink of realizing the President’s vision to substantially reduce the unemployment rate to 4 to 5 percent by 2028,” Diokno expressed confidently.
Affirming their commitment, the Department of Finance (DOF) remains resolute in advocating for fiscal policies that attract substantial investments, particularly those that foster job creation within the nation, he added.
Simultaneously, October witnessed a surge in the employment rate, hitting an impressive 95.8 percent, a pinnacle not seen since April 2005, mirroring the rate observed in November 2022.
During the same period, the number of employed individuals reached 47.8 million, with a commendable increase of 739,000 jobs compared to the previous year and 136,000 job additions from the previous month. Sectors contributing significantly to this surge include accommodation and food services, administrative and support, and transportation and storage.
Diokno attributed this surge in employment rates to heightened economic activities within these sectors, stating, “Despite global challenges, inflationary pressures, and changing consumer behaviors, the Philippine economy has displayed resilience, maintaining favorable labor and employment conditions compared to the same period last year.”
Assuring continued proactive measures, Diokno emphasized the government’s determination to minimize any negative repercussions stemming from external economic shocks.
Celebrating the historic low in unemployment rates, the finance chief affirmed the government’s commitment to fortify investments, emphasizing the importance of macroeconomic stability and the full execution of structural reforms.
He further pledged, “We are dedicated to nurturing human capital, especially the youth, to enhance their preparedness and employability for substantial career opportunities.”
The strides made towards this ambitious unemployment target underscore the government’s relentless dedication to fortify the nation’s economic landscape, promising a future brimming with prospects for its citizens.
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