MANILA, Philippines — Government-led initiatives to make the Philippines conducive to trade and investments are paying off, President Marcos has said, as the country’s inflation and unemployment rates fell to their lowest levels since March 2022 and April 2005, respectively.
In a Facebook post Thursday night, Marcos said the latest developments show “remarkable progress” in the country.
“With great joy, I share the remarkable progress our nation has achieved. In October 2023, our unemployment rate hit a remarkable low of 4.2 percent, the lowest since April 2005, accompanied by a sharp decline in inflation to 4.1 percent in November 2023,” the President said.
“This is not just a number, it signifies the lives of millions of our fellow citizens who have found new opportunities. Our dedication to fostering an environment conducive to trade and investment is paying off,” he added.
Unemployment in the country fell to 4.2 percent in October this year from 4.5 percent in the same month last year, according to the Philippine Statistics Authority’s latest Labor Force Survey.
National Statistician Dennis Mapa on Thursday said the number of unemployed Filipinos went down to 2.09 million from 2.24 million in October 2022.
Meanwhile, the country’s inflation further eased to 4.1 percent in November this year, lower than the eight percent posted in the same month last year and the 4.9 percent registered in October this year.
In his message at the DOLE@90 Stakeholders’ Night: Gabi ng Parangal at Pasasalamat in Pasay City on Thursday, Marcos called on employers and other stakeholders to continue producing more and higher quality jobs.
“As we pursue a progressive and inclusive Bagong Pilipinas, I thus call on everyone – employers, workers, government and stakeholders alike – to remain united in ensuring the full recovery of the labor market,” the President said in his speech delivered for him by Executive Secretary Lucas Bersamin.
“So let us continue to work together to produce not only more jobs, but also quality and meaningful employment that will uplift the lives and dignity of every Filipino worker,” Marcos said.
The Chief Executive is about to complete his five-day isolation after testing positive for COVID-19 Monday night.
In a previous speech, the President said his government remains steadfast in its commitment to continuously support current and prospective investors as he emphasized that the Philippine government has amended existing laws to further open its economy to foreign investments.
Among these initiatives are the Foreign Investments Act, Retail Trade Liberalization Act, Public Service Act and the Renewable Energy Act, which aim to attract more foreign investors in the country’s telecommunications, port operations, transportation and clean energy sectors.
In February this year, the President also issued Executive Order 18, directing the establishment of green lanes for strategic investments in all government agencies.
