MANILA: Unemployment rate in the Philippines fell to 4 per cent in August from 4.7 per cent in July, the Philippine Statistics Authority (PSA) said on Tuesday (Oct 8).
PSA head Dennis Mapa said at a press conference that an estimated 2.07 million Filipinos were out of work in August this year, lower than the 2.38 million in July this year and the 2.22 million in August 2023.
Mapa attributed the lower number of unemployed people in August to a rise in women's employment in the service sector.
National Economic and Development Authority Secretary Arsenio Balisacan said Filipinos "are in for a potentially better holiday season as the latest labor survey showed promising labor market results."
Balisacan said that fast-tracking the implementation of key infrastructure projects, particularly in energy, logistics, and physical and digital connectivity, is critical to attracting investments in higher-value-added sectors, such as manufacturing and agribusiness, and raising labor productivity.
"With the government's continued focus on attracting strategic investments and the timely passage of key reforms, the Philippines is well-positioned to translate its promising macroeconomic fundamentals into long-term prosperity for its workforce and economy," he added. - Xinhua
