Marcos: Unemployment rate drops to 4.3% in 2024, lowest in 20 Years
President Ferdinand R. Marcos Jr. announced that the Philippines recorded a 4.3% unemployment rate in 2024, the lowest figure in two decades.
He made the statement during the 123rd Labor Day celebration held in Pasay City, citing improvements in the country's labor market.
'Dulot ng masiglang ekonomiya, noong nakaraang taon, naabot natin ang pinakamababang unemployment rate sa loob ng 20 taon – 4.3 percent. Pinakamababa sa 20 taon,' Marcos said. 'Patuloy ang pagbuti ng kalagayan ng ating labor market. Nitong Pebrero bumaba pa sa 3.8 percent ang unemployment rate nation.'
Marcos attributed the lower unemployment rate to the government's push to bring in more foreign and local investors to the country.
From 2022 to 2024, the Philippines saw US$27 billion in investments and over Php4.35 trillion in total investments through Investment Promotion Agencies, which are government offices that help promote the country to investors.
These investments are expected to result in over 350,000 new jobs across the country.
The President also highlighted the government's effort to organize job fairs nationwide, in cooperation with the private sector. Over 4,000 job fairs have been held since July 2022, with nearly one million job seekers participating and almost 170,000 hired on the spot.
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