The unemployment rate in the Philippines dropped to 3.7% in September, down from 4% in August, as reported by the Philippine Statistics Authority (PSA). This represents an estimated 1.89 million Filipinos unemployed in September, a decline from 2.07 million the month before, and an even greater decrease from 2.26 million recorded in September 2023, when the unemployment rate stood at 4.5%.
Dennis Mapa, PSA head, shared these findings during a press conference, noting the ongoing improvements in the labor market. National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan attributed the decline to the government’s continuous focus on enhancing labor market opportunities.
However, despite the reduction in unemployment, underemployment rose to 11.9% in September, up from 10.7% a year earlier. Underemployment, as defined by the PSA, involves workers who, while employed, still seek additional work or hours, often indicating that the available jobs do not fully meet workers’ needs.
Balisacan reaffirmed the government’s commitment to improving job quality, aiming to achieve better employment conditions through various market interventions.
