President Ferdinand R. Marcos Jr. said on Thursday that the country’s vibrant economic performance has lowered the unemployment rate to 4.3 percent in 2024, the lowest level recorded in the past 20 years.

In his speech delivered at a Pasay City convention center where he marked the Philippines’ 123rd Labor Day celebration, President Marcos said, “Dulot ng masiglang ekonomiya, noong nakaraang taon, naabot natin ang pinakamababang unemployment rate sa loob ng 20 taon – 4.3 percent. Pinakamababa sa 20 taon.”

“Patuloy ang pagbuti ng kalagayan ng ating labor market. Nitong Pebrero bumaba pa sa 3.8 percent ang unemployment rate natin.”

President Marcos said the drop in the country’s unemployment rate was driven by the government’s aggressive efforts to attract more investors to the Philippines.

From 2022 to 2024, the Philippines recorded around US$27 billion in investments, while Investment Promotion Agencies reported over PhP4.35 trillion in total investments during the same period, the President said.

These efforts will create over 350,000 jobs nationwide, the President added.

He also emphasized the government’s commitment to expanding employment opportunities through nationwide job fairs. In line with the Labor Day celebration, the government and private sector have held job fairs in 69 locations nationwide since April 23, with activities running until May 2.

“Mahigpit kong naging tagubilin sa Kalihim ng Paggawa na siguruhin na buwan-buwan ay magdaraos tayo ng job fair upang mas marami pang mabigyan ng trabaho,” the Chief Executive noted.

President Marcos said that from July 2022 to February 2025, the government conducted more than 4,000 job fairs, with the participation of one million job seekers. Almost 170,000 were hired on the spot in these job fairs.

President Marcos also honored Filipino workers during the celebration, calling them the “foundations and pillars” of the societies where they live and work. | PND