THE decline in the country’s unemployment rate was hailed by Senate Majority Leader Joel Villanueva, saying it is the lowest unemployment rate since 2005.
He noted that from 4.2% in October 2023, the rate in unemployment declined to 3.6% last November 2023.
“The continuous improvement in our unemployment rate is a clear indication that our economy, particularly our labor sector, has fully recovered and that the policies being implemented are working,” Villanueva said, adding that their job does not stop there.
“As our labor market continues to improve and with more job opportunities from foreign investors expected to materialize this year, we need to see a sustained effort to keep our unemployment numbers low and not only during the holiday season,” he stressed.
Villanueva said this is why it is very important to fast track the completion of the Implementing Rules and Regulations (IRR) of the Trabaho Para Sa Bayan (TPB) Act, as instructed by no less than President Bongbong Marcos.
A measure which was principally sponsored and authored by Villanueva, the full implementation of the TPB Act, is expected to ensure a comprehensive and synergized employment plan that is aligned with our incentive system, giving priority to education and training and employment generation.
Quality laws, like the TPB, are the product of the hard work of the Senate as an institution in crafting laws that would benefit the people.
