The number of unemployed Filipinos went up to 2.47 million in February but decreased on an annual basis, data from the Philippine Statistics Authority (PSA) showed on Tuesday, April 11.
The country’s unemployment rate decreased from 6.4%, or 3.13 million Filipinos, in February 2022 to 4.8% this year.
A comparison of monthly data also revealed that the number of unemployed Filipinos increased by 100,000 from 2.37 million in January.
Further, the unemployment rate among the youth, defined as individuals aged 15 to 24, dropped from 14.2% in February 2022 to 9.1% this year.
The labor force participation rate rose to 66.6% in February 2023, up from 63.8% during the same period in 2022.
However, the government admitted that challenges to improving the quality of employment across sectors still remain.
“On the demand side, the strategy to create high-quality job opportunities begins with attracting more investments, especially in infrastructure and in improving the regulatory environment. These interventions will improve the competitiveness of the entire economy and result in greater investor interest in other industries,” National Economic and Development Authority Secretary Arsenio Balisacan said in a statement.
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“Our participation in the Regional Comprehensive Economic Partnership and the amendments to the Public Service Act pave the way for more high-paying job opportunities being made available to Filipinos,” he added.
The government will also boost its efforts to raise awareness among the workforce regarding the current opportunities for skill enhancement, he said.
