In a statement, the agency said this improvement signals a stronger labor market as the holiday season approaches, raising optimism for increased consumer spending and economic activity.
The number of employed Filipinos rose to 49.2 million in August 2024, up from 48.1 million in August 2023, representing 1.1 million new jobs created over a one-year period, data from the Philippine Statistics Authority showed.
The underemployment rate also dropped to 11.2 percent from 11.7 percent a year ago. These trends suggest that more Filipinos are finding stable and satisfactory jobs.
NEDA Secretary Arsenio Balisacan highlighted that the labor market improvements, coupled with a four-year-low inflation rate of 1.9 percent in September, create favorable conditions for a “more vibrant holiday season.”
He also emphasized the need for continued investments in human capital and key sectors to sustain this positive trajectory.
Additionally, Balisacan said the government is drafting the Trabaho Para Sa Bayan (TPB) Plan 2025-2034, aimed at further strengthening the labor market.
The TPB Inter-Agency Council, chaired by NEDA, is expected to finalize the plan by the end of the year, with the last two regional consultations set for October.
With ongoing infrastructure projects and legislative reforms like the Konektadong Pinoy Bill, the government aims to create more market opportunities and enhance job prospects, the agency said.
