Philippines' unemployment rate drops to decade low

Manila: The unemployment rate in the Philippines fell from 4.2 per cent in October 2023 to 3.6 per cent in November, the lowest since April 2005, the Philippine Statistics Authority (PSA) said on Tuesday.

At a news conference, PSA head Dennis Mapa said about 1.83 million people were jobless in November last year, while about 2.09 million were unemployed in October 2023, and around 2.18 million were out of work in November 2022, reports Xinhua news agency.

National Economic and Development Authority Secretary Arsenio Balisacan said that the November unemployment rate was the lowest recorded since the statistics agency introduced a new methodology for measuring the labor force survey in 2005.

He stressed the need to expand the digital economy in the country, including the digitalisation of micro, small, and medium enterprises and startups to address the declining labor force and increase labour market gains in 2024 and beyond.

"Digitalisation enables alternative work arrangements, particularly for the youth, women, and those in the creative sector," Balisacan said.