PRESIDENT Ferdinand Marcos Jr. vowed on Thursday, February 8, 2024, to pursue the upskilling and re-skilling initiatives of the country’s workforce amid the new and emerging demands of the labor market.
In a statement, Marcos said his administration will sustain the momentum in the country’s employment growth, which “indicates a growing confidence in the country’s economy.”
The PSA reported on Wednesday, February 7, that the country’s employment rate increased to 96.9 percent while unemployment eased to 3.1 percent.
It said out of the 52.13 million active workforce, 50.52 million individuals have jobs while 1.60 million people were unemployed.
“This positive momentum is attributed to robust growth across all major industry groups, with construction, agriculture and services leading the way. Looking ahead, our government remains committed to fostering a conducive and enabling environment for economic growth,” he added.
Marcos also committed to continue implementing both demand- and supply-side interventions, including pro-investment reforms and strategic partnerships, in order to attract more investments in the Philippines.
He noted that the enactment of initiatives such as the Public-Private Partnership Code and the 4PH Housing Program will further stimulate economic activity and create more job opportunities in the country.
Meanwhile, Finance secretary Ralph Recto said the historic low unemployment rate, declining underemployment, and faster growth in the labor force indicates the continued improvement of the country’s jobs market and quality of employment for Filipinos.
“These results are truly promising. We are more optimistic about providing more quality jobs for our people as the Marcos Jr. administration rolls out the red carpet for investors to enter the country. In tandem, we will prioritize empowering our workforce through substantial investments in human capital development. This will enhance their preparedness for high-quality employment opportunities,” Recto said.
On the part of the agency, Recto said it will continue to foster an environment that is conducive to employment-generating investments such as ensuring the efficient implementation of the Corporate Recovery and Tax Incentives for Enterprises (Create) Act to attract more strategic investments into the country.
He said they are also working on amending the law to further address investor concerns and tailor fit incentives. (TPM/SunStar Philippines)