In brief
The Philippine economy is expected to improve, reinforcing its status as one of the fastest growing economies in Southeast Asia. The Philippines remains an attractive country in which to do business due to relatively low labor costs and largely bilingual workforce.
According to the Philippine Statistics Authority, the Philippine employment rate in November 2023 increased to 96.4%, from 95.8% in November 2022, and in October 2023. The country’s unemployment rate fell to its lowest level of 4.2% in October last year. This shows the successful initiatives of the government aimed at enhancing employment opportunities and labor conditions that resulted in a robust labor force participation.
Miguel Aboitiz of Aboitiz Group, Philippines and a PBEC BoD provided more economic insights on the Philippines Economy as part of the Q3 review meeting. You can view his video here:
Read more from Baker McKenzie here: https://www.globalcompliancenews.com/2024/09/18/https-insightplus-bakermckenzie-com-bm-employment-compensation-philippines-employment-laws-for-the-private-sector_09092024/