NEDA Boosts Job Quality and Income: Opportunities for Filipino Professionals in 2024

November 6, 2024 – The National Economic and Development Authority (NEDA) reaffirmed its commitment to enhancing job quality and raising incomes for Filipino workers, emphasizing the need to address gaps in the labor market, including access to in-demand jobs in the Philippines. As the country continues to recover and grow, the labor market shows signs of improvement, with the unemployment rate dropping to 3.7 percent in September 2024, down from 4.5 percent the previous year. Employment rose to 49.9 million, reflecting an additional 2.2 million jobs created over the same period.

Tackling Underemployment Amid Growing Workforce Participation

While employment figures rose, NEDA noted the underemployment rate edged higher, reaching 11.9 percent in September 2024 compared to 10.7 percent in the previous year. This highlights the ongoing need to ensure not only the availability of jobs but also access to high-income careers and in-demand jobs in the Philippines that align with the evolving needs of industries.

“The government is urgently addressing the barriers to creating high-quality jobs while working closely with the private sector to ensure workers are equipped with the right skills and competencies,” said NEDA Secretary Arsenio M. Balisacan.

The labor force participation rate (LFPR) also climbed to 65.7 percent from 64.0 percent, with notable gains among women, whose LFPR rose from 53.4 percent to 55.7 percent. This suggests a growing number of Filipino women entering career jobs as household duties became less of a hindrance for economic activity.

Building a Workforce for the Future

To meet the increasing demand for specialized skills in emerging industries, NEDA has identified the importance of equipping the workforce with competencies required for jobs in demand today and in the future. This is reflected in the government’s prioritization of legislation such as the Konektadong Pinoy Bill and initiatives focusing on lifelong learning and enterprise-based education.

“Infrastructure development—particularly in energy, logistics, and digital connectivity—is critical to unlocking our country’s growth potential. These efforts will also open doors to in-demand jobs and strengthen the country’s competitiveness,” added Balisacan.

Key to this transformation is the forthcoming Trabaho Para sa Bayan (TPB) Plan, a 10-year roadmap designed to attract investments in priority sectors and improve labor market governance. The plan, scheduled for finalization by the end of 2024, will serve as a guide for creating sustainable pathways to high-quality employment.

Implications for Filipino Professionals

As the government accelerates efforts to promote economic inclusivity, Filipino professionals are encouraged to take advantage of upskilling programs and embrace opportunities in high-income careers. The rise of digital technologies and innovation has placed tech-related roles and green jobs among the jobs in demand across the Philippines.

Through initiatives like the TPB Plan, NEDA’s focus on fostering collaboration between the government, private sector, and academe underscores its vision of a resilient workforce prepared to thrive in a dynamic job market.

With these concerted efforts, the future holds promise for Filipino workers seeking career jobs that offer stability, growth, and financial empowerment. Reference: https://neda.gov.ph/better-quality-jobs-higher-incomes-for-filipino-workers-among-top-govt-priorities-neda/#:~:text=November%206%2C%202024%20%E2%80%93%20Enhancing%20job,and%20Development%20Authority%20(NEDA).