The unemployment rate in the country dipped to 5.4 percent in July 2016 on the upbeat performance of the country’s economy, the Philippine Statistics Authority said Friday.
Data from Philippine Statistics Authority’s Labor Force Survey for July this year showed that about 41 million Filipinos had jobs during the period comprising 94.6 percent of the total labor force.
The jobless rate, meanwhile, is equivalent to about 3.7 million. The unemployment rate recorded in July was 1.1 percentage points lower than the 6.5 percent recorded in the same period in 2015. It is also 1.2 percentage points below the 6.6 full-year unemployment target of the government.
Economic and Planning Secretary Ernesto Pernia said the Philippine labor market showed vibrancy due to the faster economic growth.