The latest data from the Philippine Statistics Authority (PSA) showed that the unemployment rate remains unchanged at 4.8% from January to February 2023.
However, the number of jobless Filipinos increased by 2.47 million, 102,000 higher than 2.37 million in January.
This was attributed to the higher number of individuals who joined the labor force, with the labor force participation rate rising to 66.6 percent in February from 64.6 percent in January.
In terms of sectors, agriculture, and forestry saw the highest increase in the number of workers.
On the other hand, the underemployment rate in February decreased to 12.9% from 14.1% in January.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan noted that the Philippine labor market is steadily recovering, and the government aims to generate higher-quality jobs for Filipinos.
Ratifying the Regional Comprehensive Economic Partnership and amending the Public Service Act are among the recent developments that could pave the way for more high-paying jobs.
