The Philippine Statistics Authority (PSA) revealed recently that the unemployment rate of the Philippines fell down to 3.8% this past February from 4.3% the previous month, according to a Philippine News Agency (PNA) news article.
To put things in perspective, posted below is an excerpt from the report of the PNA news article. Some parts in boldface…
The country’s unemployment rate fell to its lowest level in three months, data from the Philippine Statistics Authority (PSA) showed.
In a briefing on Tuesday, National Statistician Dennis Mapa said preliminary results of the latest Labor Force Survey showed that the unemployment rate further declined to 3.8 percent in February this year from 4.3 percent the previous month. It was the lowest rate since the 3.1 percent recorded in December last year.
Mapa said the number of unemployed Filipinos declined to 1.94 million from 2.16 million in January this year.
Employment rate on the other hand, rose to 96.2 percent in February this year from 95.7 percent the previous month.
Mapa said the number of employed Filipinos went up to 49.15 million, higher than the 48.49 million and 48.95 million recorded in January this year and in February 2024, respectively.
Industries which recorded the largest increase in employment include accommodation and food service (+377,000), fishing and aquaculture (+365,000), public administration and defense (+330,000), construction (+258,000), and other service activities (+232,000).
Mapa said preparations for the midterm elections and summer holidays helped increase employment in accommodation and food service and other service activities.
Let me end this post by asking you readers: What is your reaction to this recent development? Do you think there will be more than enough job opportunities for the unemployed throughout the year? Do you think the Philippine economy will grow strongly to sustain new job creation until the end of 2025?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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