7-7-2023 (MANILA) The Philippines’ unemployment rate in May has decreased to 4.3%, with 2.17 million labor force out of work, according to the Philippine Statistics Authority (PSA) on Friday. The May unemployment rate was the second-lowest since April 2005, following the 4.2% unemployment rate in November 2022, PSA head Dennis Mapa announced at a news conference.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan stated that the government would continue to push for and implement “game-changing reforms” to improve the Southeast Asian country’s business investment climate, particularly for foreign investors, and sustain current market gains.
Balisacan added that to achieve the near and medium-term targets, it was crucial for the government to remain committed to fostering a favorable investment climate to address critical constraints to high-quality job creation.
