FINANCE Secretary Ralph G. Recto on Friday highlighted the sustained strength of the country’s labor market as the unemployment rate fell to 3.9 percent in October 2024, bringing the year-to-date average to 4.0 percent—well below the full-year target range.
The Philippine Development Plan sets the unemployment rate target for 2024 at 4.4 percent to 4.7 percent.
This translates to an additional 369,000 Filipinos with jobs compared to October 2023, bringing the full-year employment creation to approximately 845,000. The DOF chief’s statement noted that more and more youth are also entering the labor force, comprising 79 percent of the 908,000 new entrants in the job market for October 2024.
The Information Technology and Business Process Association of the Philippines projected the call center subsector’s revenue to reach nearly $38.0 billion in 2024, surpassing its forecast with a 7-percent growth from $35.5 billion in 2023. This was due to the increase in managerial positions, with 1.91 million Filipinos in managerial roles recorded in October 2024—higher by 165,000 from the previous year.
Meanwhile, the National Economic and Development Authority is set to finalize the Trabaho Para sa Bayan Plan, a 10-year strategy to create a dynamic labor market by addressing skills gaps and fostering industry-academia-government collaboration.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China blasts PHL for passing maritime zones law, summons PHL envoyCHINA has rebuked the Philippines for passing two legislation that defined the maritime zones limit and the archipelagic sea lanes of the Philippines. China’s Foreign Ministry summoned Philippine Ambassador to Beijing Jaime FlorCruz to express its “serious protest” and “strong condemnation” to President Marcos Jr.
Read more »
PHL’s largest co-op, Korean firm ink MOU for PHL’s First Survival SchoolA Memorandum of Understanding (MOU) was signed recently between ACDI Multi-Purpose Cooperative (ACDI MPC), the largest cooperative in the country, and Safe Zone, a Korean company, at the Villamor Air Base Golf Club in Pasay City.
Read more »
UP, Ateneo, DLSU top PHL HEIs that made it into 2025 QS Asia University Rankings.25 PHL higher education institutions (HEIs) have made it into the 2025 QS Asia University Rankings.
Read more »
Recto: Gov’t working with GCash to launch GBondsDepartment of Finance (DOF) Secretary Ralph Recto said the government will launch the innovative GBonds with GCash in December 2024 to make investing
Read more »
PHL embarks on semiconductors labor development, public policy seminarsTHE Philippines is kicking-off a series of sessions to further its role in the global semiconductor industry, with focus on labor-force development and public policy.
Read more »
Recto: PH hoping to improve trade economic relations with US under TrumpLatest Philippine news from GMA News and 24 Oras. News, weather updates and livestreaming on Philippine politics, regions, showbiz, lifestyle, science and tech.
Read more »