Philippines’ unemployment rate declines in October

Around 2.24 million Filipinos were jobless in October as the unemployment rate eased to 4.5 percent from 5 percent in September, according to the Philippine Statistics Authority.

Unemployment rate in October eased to 4.5 percent or equivalent to 2.24 million jobless Filipinos, said the Philippine Statistics Authority (PSA) in its report released last December 7.

The total is lower compared to 5 percent unemployment rate in September, which is equivalent to 2.50 million jobless Filipinos the previous month based on government data.

October joblessness rate has also decreased compared to the recorded 7.4 percent or 3.50 without jobs in October 2021

The number of underemployed persons — those who need more jobs or job hours — declined to 6.67 million in October from 7.33 million in September and 7.04 million in October 2021.

Meanwhile, the PSA also said that the employment rate in October improved to 95.5 percent from 95 percent in September, which was the highest rate recorded since January 2020.

Reacting to these figures, President Ferdinand Marcos Jr. said he was confident that the Philippines would not slip into an economic recession.

“Kaya kahit papaano ay malakas ang loob natin hindi tayo magkakaroon ng recession dito sa Pilipinas dahil masyadong mababa ang unemployment rate,” he said in a video message released by the Office of the Press Secretary last December 8.

“Kung maaalala ninyo sa pagsimula namin dito sa administrasyong ito ay pinagusapan na namin ay trabaho talaga ang aming uunahin. Kaya’t ‘yan ang nakikita ngayon natin na nangyayari. Ipagpatuloy lang natin iyan,” Marcos added.

Thumbnail photo courtesy of iStock

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