According to the latest data from the Philippine Statistics Authority (PSA), the unemployment rate in the Philippines dropped to its lowest level in three months in February this year.
National Statistician Dennis Mapa stated in a briefing on Tuesday that preliminary results from the latest labor force survey showed that the unemployment rate in February fell from 4.3% in January to 3.8%. This figure is the lowest since December last year, which was 3.1%.
Mapa noted that the number of unemployed in the Philippines decreased from 2.16 million in January to 1.94 million. On the other hand, the employment rate also rose in February, from 95.7% to 96.2%. He added that the number of employed in the Philippines reached 49.15 million, an increase from 48.49 million in January and 48.95 million in February last year.
In various industries, the sectors with the most significant increase in employment included accommodation and food services (up by 377,000), fisheries and aquaculture (up by 365,000), public administration and defense (up by 330,000), construction (up by 258,000), and other service activities (up by 232,000).
Mapa explained that recent midterm elections and summer-related jobs have driven employment growth in accommodation, catering, and other service industries.
The latest survey also showed that underemployment in the Philippines has eased. Underemployment refers to those who wish to increase their working hours or seek additional work. In February, the number of underemployed in the Philippines was 4.96 million, a rate of 10.1%, significantly lower than 13.3% in January.
