PH Job Market Hits Record Low Unemployment in 2024

The Philippine job market recorded unprecedented progress in 2024, with the country’s annual average unemployment rate dropping to 3.8%, the lowest level since the Philippine Statistics Authority (PSA) began compiling comparable data in 2005.

Finance Secretary Ralph G. Recto hailed the achievement, noting that quality jobs for Filipinos are on the rise.

The 2024 unemployment rate is significantly lower than the Philippine Development Plan 2023-2028 target range of 4.4% to 4.7% and even surpasses the 2028 goal of 4.0% to 5.0%.

Employment figures also reached a record high, with 48.8 million Filipinos securing jobs throughout the year.

The underemployment rate declined to 11.9%, marking its lowest recorded level, signaling an improvement in job quality.

“Makakaasa po kayo na tuloy-tuloy ang gobyerno sa pagsulong ng mga programa na makakapagbigay ng mas maraming dekalidad na trabaho para sa mga Pilipino. And we do not just aim to simply create jobs. We are focusing heavily on improving education, infrastructure, and human development to ensure that we build a Filipino workforce equipped with the tools and opportunities they need to compete on the global stage,” Recto said.

He also highlighted the global recognition of Filipino talent, sharing that during the World Economic Forum in Davos, investors expressed admiration for the country’s workforce.

The services sector dominated employment in 2024, accounting for 61.1% of jobs, followed by agriculture at 20.7% and industry at 18.3%.

The construction sector led job creation, adding 298,000 workers, while accommodation and food services, transportation, and administrative support services also posted significant employment gains.

Wage and salary workers comprised 63.8% of total employment, an increase from 62.6% in 2023. Most were employed in private establishments (78.9%), while 14.4% worked in government roles.