The Philippines’ unemployment rate declined to 4.0 percent of the labor force in August 2024, down from 4.7 percent in July and 4.0 percent a year
earlier, the Philippine Statistics Authority reported Tuesday.
The labor force participation rate in August 2024 was registered at 64.8 percent, higher than the estimated LFPR in August 2023 at 64.7 percent and in July 2024 at 63.5 percent. “Coupled with the country’s four-year-low inflation rate in September 2024 at 1.9 percent, the positive results of our labor force survey can lead us to a more vibrant holiday season,” said NEDA Secretary Arsenio Balisacan.
NEDA is set to finish the final leg of the TPB Plan’s regional consultations and has engaged with various stakeholders. The last two consultations will be in Regions X and XII in late October.
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