Finance Secretary Ralph Recto on Wednesday said the decline in the Philippine unemployment rate sets the stage for the country to fully harness its demographic sweet spot.
“With the most favorable demographics in ASEAN, the Philippines is at a golden moment, and we are committed to making the most of it. Kaya napakagandang balita na mas gumanda ang ating labor market (The improvement in the labor market is such a good news). This is a sign that we are harnessing our competitive advantage by providing more economic opportunities for our people,” Recto said in a statement.
The Finance chief made the pronouncement following a report from the Philippine Statistics Authority (PSA) that the country’s employment rate in September was 96.3 percent, up from 95.5 percent in the same month in 2023 and 96 percent in August 2024.
The PSA also said the unemployment rate dropped to 3.7 percent from 4.5 percent in September last year and 4 percent in August this year.
Recto said the government will continue to create more quality jobs for Filipinos.
He said that at present, the Philippines’ median age stands at only 25 years old, the lowest among ASEAN-6.
Citing an HSBC study, Recto said the Philippines’ share of the working-age population is projected to grow by 15 percent from 2025 to 2035, which is considered the fastest in the region.
“The world is taking notice of the immense potential of Filipino talent. In our recent economic briefings abroad, investors have shown bullishness in our young, skilled, and English-proficient workforce. This is something that they value with high regard, placing us firmly on their radar,” Recto said.
Recto, meanwhile, said the DOF expects more job opportunities in the coming months.
“As the holiday season approaches, we expect more employment available in retail trade as well as accommodation and food services,” he said.
Recto said the enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill is expected to attract more capital-intensive investments into the country and generate jobs and higher value-added sectors.
The CREATE MORE bill is one of the measures approved as “top priority” by the Legislative-Executive Development Advisory Council.
It seeks to eliminate value-added tax (VAT) on essential services and shall also allow large domestic enterprises to receive VAT zero rating, exemption and duty exemptions. (PNA)
