8-9-2023 (MANILA) The Philippines recorded a rise in its unemployment rate for July, which increased to 4.8 percent from 4.5 percent in June, according to the Philippine Statistics Authority (PSA).
Despite the uptick in the unemployment rate, PSA head Dennis Mapa revealed in a news conference held in Manila that the number of unemployed Filipinos had decreased by approximately 329,000, totaling 2.27 million individuals in July. This figure marked an improvement from the 2.6 million reported in the same period the previous year.
The National Economic and Development Authority (NEDA) noted that the labor force participation rate declined to 60.1 percent, down from 65.2 percent in the previous year.
