Manila, Philippines – The Philippine Statistics Authority reported that the number of unemployed Filipinos went down 4.2% in October, the lowest recorded in 18 years.
PSA’s Labor Force Survey showed that the 2.26 million Filipinos unemployed in September 2023 have dropped by 4.2 percent to 2.09 million in October 2023.
With the number of unemployed going down considerably, the number of employed Filipinos have consequently spiked to 47.80 million in October from previous month’s 47.64 million.
This is the highest recorded employment rate since April 2005.
Meanwhile, the underemployment rate in October also fell by 11.7 percent to 5.6 million lower than the 14.2 percent recorded in the same period last year.
The country’s headline inflation also went down to 4.1 percent in November compared to the 8 percent posted in the same month last year and the 4.9 percent registered in October this year.
President Ferdinand Marcos, Jr. was elated over reports that the country’s latest inflation and unemployment rates fell to its lowest since March 2022 and April 2005.
“With great joy, I share the remarkable progress our nation has achieved. In October 2023, our unemployment rate hit a remarkable low of 4.2 percent, the lowest since April 2005, accompanied by a sharp decline in inflation to 4.1 percent in November 2023,” Marcos said.
“This is not just a number; it signifies the lives of millions of our fellow citizens who have found new opportunities. Our dedication to fostering an environment conducive to trade and investment is paying off,” he added. (Marlon Luistro)
