Unemployment rate in the Philippines fell to 4.3 percent in May 2023, its second lowest since April 2005, the Philippine Statistics Authority said Friday.
Data from the PSA showed the country’s unemployment rate improved to 4.3 percent in May 2023 from 6.0 percent in the same month last year.
The underemployment also rate went down to 11.7 percent from 14.5 percent in May 2022, equivalent to 1.0 million fewer underemployed persons.
National Economic and Development Authority Secretary Arsenio Balisacan assured the public that the government would continue to push for and implement game-changing reforms to improve the country’s business investment climate, especially for foreign investors and help in sustaining current labor market gains.
“To achieve our near and medium-term targets, it is important that the government remains committed to fostering a favorable investment climate to address critical constraints to high-quality job creation,” he said.
Balisacan said establishing an enabling regulatory environment to improve the ease of doing business and encourage innovation remain as top priorities to attract investors who have the technology and resources to bring in high-quality jobs.
The chief economist urged individuals to enroll in upskilling and lifelong learning programs to prepare for the jobs of the future. These programs are being offered by both government and private education and training institutions.
“We welcome partnerships with the private sector, including international organizations, to ensure that our government services, particularly with respect to employment facilitation, upskilling or retooling, and promoting workers’ protection, are on the same level with global best practices,” said Balisacan.