The number of unemployed Filipinos has shown a significant decrease of 3.5% for February compared to the 4.5% recorded in January, the Philippine Statistics Authority (PSA) said Thursday.
According to PSA, the latest figure translates to 1.8 million jobless Filipinos compared to the 2.5 million in January. This marks the lowest number of unemployment since December 2023 when jobless individuals peaked at 1.60 million.
Year-on-year, the jobless rate saw a significant drop from 4.8 percent, equivalent to 2.47 million individuals in the comparative period.
In a press briefing, PSA Undersecretary Claire Dennis S. Mapa attributed the decline to the increase in workers in wholesale and retail trade or repair of motor vehicles and motorcycles which gained 1.61 million workers in February.
Workers in the agriculture and forestry sector and accommodation and food services also increased to 1.03 million and 325,000, respectively.
Meanwhile, the labor force participation rate increased to 64.8 percent from 61.1 percent in January but lower than 66.6 percent in February a year ago.
Underemployment
The underemployment rate, or the percentage of employed people working part-time but preferring to be working full-time, also dropped to 12.4% from 13.9% in January and 12.9% in February 2023.
In a statement, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said the government will continue to prioritize vulnerable groups, including women, youth, older people, and those with disabilities in the workforce.
"We will also continue to implement measures to address bottlenecks and expedite processes to realize investment pledges, particularly in priority sectors holding much promise, such as renewable energy and critical minerals," he said.
The NEDA chief also added that they will revisit the existing policy governing alternative work modes, such as the Telecommuting Act, to address the growing preference for remote work.
"The government will explore enhancing the potential of part-time work to help promote lifelong learning. A framework for part-time work and similar set-ups can allow workers to retool or upskill without leaving the workforce," he said.
