The country’s unemployment rate eased to 4.2 percent in October 2023, the lowest recorded in nearly two decades, according to the Philippine Statistics Authority (PSA).
The PSA said yesterday the jobless rate in October 2023 was lower than the 4.5 percent recorded in October 2022 as well as that of the previous month, and the lowest rate since April 2005.
In terms of magnitude, there were about 2.09 million unemployed individuals in October 2023, which is lower than the 2.24 million recorded in October 2022.
The labor market also recorded an employment rate of 95.8 percent in October 2023, higher than the 95.5 rate posted in the same period last year and the highest since April 2005.
This translates to the number of employed persons aged 15 years and above reaching 47.8 million in October 2023, which is higher compared to the 47.06 million registered in the same period last year.
The underemployment rate, which refers to the percentage of employed individuals who want to work more hours, decreased to 11.7 percent in October 2023, lower than the 14.2 percent recorded in October 2022. However, it was up from September’s 10.7 percent.
In a statement, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said he expects the conditions in the labor market to improve further, given the thrust of the administration to encourage trade and investment and reinvigorate job generation.
“We can make the labor market more inclusive with the entry of more investments, especially those that bring in new and better technology. At the same time, we need to expand and enhance learning opportunities to ensure that we equip Filipinos for future jobs,” Balisacan said.
The NEDA chief also foresees that the positive trend observed in the country’s labor market will continue after Republic Act No. 11966, also known as the Public-Private Partnership (PPP) Code, was signed into law last December.
The landmark legislation strengthens the country’s investment ecosystem by creating a more stable and predictable policy environment for collaboration in high-impact infrastructure projects.
“The passage of the PPP Code is just one of many recent reforms that have made the Philippines more attractive to foreign investors. It provides the government with a more solid ecosystem for investments, which, in turn, generates employment opportunities for Filipino workers in several critical growth areas, including infrastructure,” Balisacan said.
