PH Unemployment Rate Declined In October

The Employers Confederation of the Philippines said on Thursday that the reopening economy recovering from the COVID-19 pandemic helped decrease the country’s unemployment rate.

ECOP President Sergio Ortiz Luiz said in a public briefing that the reopening of many companies and the “Build, Build, Build” infrastructure program, among others, contributed to generating more jobs for Filipinos.

Ortiz Luiz added that the easing of COVID-19 restrictions also allowed many micro, small and medium enterprises (MSMEs) to resume operations.

MSMEs are responsible for 65% of the country’s employment.

Ortiz Luiz also mentioned the Marcos administration’s strategy for increasing employment in the country by attracting more investments.

The Philippines Statistics Authority (PSA) recently released data on the country’s labor force showing that the unemployment rate decreased to 4.5% in October, compared to the 7.4% unemployment rate from last year.

Source: ABS-CBN