President Ferdinand R. Marcos Jr. stated that the Philippines has recorded an unemployment rate of 4.3% in 2024, which is the lowest figure in two decades. He made this statement during the 123rd Labor Day celebration held in Pasay City, highlighting improvements in the labor market in the country. "Thanks to a vibrant economy, last year we achieved the lowest unemployment rate in the last 20 years - 4.3 percent. In February, the unemployment rate fell even lower to 3.8 percent nationally," noted Marcos.
The president linked the decrease in the unemployment rate to the government's efforts to attract more foreign and local investors to the country. From 2022 to 2024, the Philippines attracted $27 billion in investments and over 4.35 trillion pesos in total investment through agencies promoting investment, which are government offices that help attract investors to the country. It is expected that these investments will lead to the creation of more than 350,000 new jobs across the country.
The president also mentioned government efforts to organize job fairs nationwide in collaboration with the private sector. "The condition of our labor market continues to improve. The lowest in 20 years," added Marcos. Since July 2022, over 4,000 job fairs have been conducted, where about a million job seekers and approximately 170,000 individuals were hired on the spot.
