Philippines’ unemployment rate drops to 4.2% in October, lowest in nearly two decades

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7th December 2023 – (Manila) The unemployment rate in the Philippines fell to 4.2 per cent in October, down from 4.5 per cent in September, according to the Philippine Statistics Authority (PSA). This marks the lowest unemployment rate recorded since April 2005, indicating positive developments in the country’s labour market. PSA head Dennis Mapa announced at a news conference that approximately 2.09 million individuals were jobless in October, a decrease from 2.24 million in October 2022 and 2.27 million in July 2023.

Secretary Arsenio Balisacan of the National Economic and Development Authority (NEDA) highlighted the significance of the October unemployment rate, which represents the lowest figure recorded in nearly two decades. He emphasized the importance of expanding opportunities for individuals to reskill or upskill in order to sustain the positive labour market conditions. Additionally, he stressed the need to create an environment that promotes the growth of high-quality jobs.