Unemployment rate dips to 3.9% in March
The unemployment rate fell to 3.9 percent from 4.7 percent in the same month last year, resulting into 417,000 fewer unemployed individuals, the Philippine Statistical Authority (PSA) said Wednesday.
In a statement, the National Economic and Development Authority (NEDA) said wholesale and retail trade sector saw the highest annual increase, employing 963,000 additional individuals.
Manufacturing followed closely with 553,000 new jobs, while public administration and defense added 229,000 employed individuals, NEDA added.
Underemployment rate declined to 11 percent in March, compared to 11.2 percent in March 2023.
“We will continue to prioritize creating high-quality and well-paying jobs to address the rising issues of vulnerable employment. We will focus on attracting job-generating investments from the private sector and scaling up social and physical infrastructure to improve our people’s employment prospects to achieve this goal,'' said NEDA Secretary Arsenio Balisacan.
''These will be accompanied by reskilling and upskilling programs to increase employability,” said Balisacan.? DMS
