Philippines’ unemployment rate drops to 4.5%

The unemployment rate in the Philippines in April dropped to 4.5 per cent from 4.7 per cent in March, with 2.26 million labour force out of jobs, it was announced on Friday. Philippine Statistics Authority (PSA) head Dennis Mapa told a news conference that the number of unemployed people declined by around 500,000 from the 2.76 million unemployed in April 2022, reports Xinhua news agency. National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the decline is evident across all age groups, with the youth experiencing the most significant decreases. Balisacan added that the government aims to sustain the recent improvements in the labour market conditions by implementing crucial economic reforms and leveraging digital technology to enhance workers’ employability. Meanwhile, a World Bank report on the Philippines released on Wednesday confirmed that the Southeast Asian country’s labour force participation gradually increased and unemployment fell in recent months. “While new jobs have been created, they have primarily been in the agriculture and services sectors,” the report said.