7-12-2023 (MANILA) The Philippines has reported a decline in its unemployment rate to 4.2 percent in October, marking the lowest figure since April 2005, according to the Philippine Statistics Authority (PSA). The announcement was made on Thursday during a press conference led by PSA head Dennis Mapa.
In October, approximately 2.09 million individuals were unemployed, indicating a reduction from the reported numbers in October 2022 (2.24 million) and July 2023 (2.27 million). The decline in the unemployment rate is viewed as a positive development in the country’s labour market.
Dennis Mapa stated, “This was lower than the reported number of unemployed persons in October 2022 of 2.24 million and in July 2023 of 2.27 million.” The decrease is seen as a significant improvement, demonstrating the resilience of the Philippine job market.
Arsenio Balisacan, Secretary of the National Economic and Development Authority (NEDA), highlighted that the October unemployment rate represents the lowest recorded figure in nearly two decades. He emphasized the importance of leveraging this positive trend to create more opportunities for individuals to reskill or upskill while concurrently fostering an environment conducive to the creation of high-quality jobs.
“With these promising labor market conditions, the NEDA underscored the importance of expanding opportunities for individuals to reskill or upskill while sustaining efforts to create an environment promoting high-quality jobs,” said Arsenio Balisacan, the chief socioeconomic planner of the Philippines.
