Sliding unemployment rate means PH economy ‘fully recovered’ – Villanueva

FILE PHOTO: The country’s decreasing unemployment rate “indicates that the Philippine economy has fully recovered,” according to Senate Majority Leader Joel Villanueva in a statement on Thursday, January 11, 2024. (Voltaire F. Domingo/Senate PRIB)

MANILA, Philippines — The continuous decline in the country’s unemployment rate “indicates that the Philippine economy has fully recovered,” said Senate Majority Leader Joel Villanueva, adding that there’s a need for “a sustained effort” to keep these numbers low.

“We laud the decline of our unemployment rate to 3.6 percent last November 2023 from 4.2 percent in October, the lowest unemployment rate since 2005,” said Villanueva in a statement Thursday.

But despite this positive development, the senator emphasized that the government’s job is not yet finished.

“As our labor market continues to improve and with more job opportunities from foreign investors expected to materialize this year, we need to see a sustained effort to keep our unemployment numbers low and not only during the holiday season,” Villanueva said.

READ: Jobless rate down to 3.6% in November – PSA

Among the key factors to the sustained effort Villanueva was pertaining to include the completion of the Implementing Rules and Regulations of the Trabaho Para Sa Bayan Act, which he principally authored and sponsored.

Under the newly-signed law, the Philippine government must establish a national employment generation and recovery master plan with a three, six and 10-year development timeline.

READ: Senate approves national employment masterplan creation

Included in the master plan are efforts intended to support micro, small, and medium enterprises, worker upskilling, employer incentives, youth employment, and the reintegration of overseas Filipino workers.

Villanueva said the “full implementation” of the law would ensure a “comprehensive and synergized employment plan” in the country.