MANILA, Philippines — The government has to fix the “complicated” systems in the bureaucracy and ensure an investor-friendly environment, President Marcos said, following the release of the labor force survey which showed unemployment and underemployment hitting their second lowest rates since 2005.
The Philippine Statistics Authority (PSA) on July 8 reported that the Philippines’ unemployment rate dropped to 4.3 percent in May from six percent in the same period last year.
Underemployment rate improved to 11.7 percent from 14.5 percent in May last year, which is equivalent to one million fewer underemployed persons.
Speaking to reporters at the Army headquarters at Fort Bonifacio last July 7, Marcos welcomed the improved labor situation and gave assurance that job generation is a priority of the government.
The administration is also seeking to provide workers quality jobs with benefits, he added.
“The root of all of these is really jobs. We need to have economic activity so our countrymen will have jobs. And slowly, slowly. It will not happen just because we stated it. We really need to do a lot of things,” he said.
“The bureaucracy, the economy are complicated systems that need time to adjust to the initiatives that we have introduced in terms of policy, in terms of digitalization, in terms of the new skills and processes that we want to adopt for the issues that have been raised in terms of making the Philippines a more investor-friendly place,” he added.
Efforts to create an environment conducive for business should benefit both foreign and local investors, according to the President.
“Sometimes, when we say investor, we always think of foreign investors. It‘s not just the foreign investor. It also includes the local (investors). Many local (businesses) want to invest. They said we have to fix how the departments are run. That’s the ease of doing business that we will always mention,” he said.
The unemployed include all persons who are 15 years old and over as of their last birthday and are reported as without work and currently available for work and seeking work. It also covers those who are not seeking work due to being tired or the belief that no work is available, a temporary illness, bad weather and a decision to wait for a possible job rehire or recall.
Underemployed persons, meanwhile, are employed persons who expressed the desire to have an additional hour of work in their present job or to have an additional job, or to have a new job with longer hours of work, according to the PSA.
National Economic and Development Authority Secretary Arsenio Balisacan has assured the public that the government would continue to push for and implement “game-changing” reforms to improve the country’s business investment climate and help sustain labor market gains.
“To achieve our near- and medium-term targets, it is important that the government remains committed to fostering a favorable investment climate to address critical constraints to high-quality job creation,” Balisacan said in a statement.
He added that establishing an enabling regulatory environment to improve the ease of doing business and encourage innovation remain top priorities to lure investors who have the technology and resources to bring in high-quality jobs.
“We welcome partnerships with the private sector, including international organizations, to ensure that our government services, particularly with respect to employment facilitation, upskilling or retooling and promoting workers’ protection, are on the same level with global best practices,” the socioeconomic planning secretary said.