Thursday, July 18, 2024

Philippines’ unemployment rate drops to 4.3%

The Philippines’ unemployment rate in May dropped to 4.3 per cent from 4.5 per cent in April, with 2.17 million labour force out of job, authorities said on Friday.

The Philippine Statistics Authority (PSA) said the May unemployment rate was the second lowest since April 2005, following the 4.2 per cent unemployment rate in November 2022, Xinhua news agency reported.

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the government will continue to push for and implement “game-changing reforms” to improve the Southeast Asian country’s business investment climate, especially for foreign investors, and help sustain current market gains.

“To achieve our near and medium-term targets, it is important that the government remains committed to fostering a favorable investment climate to address critical constraints to high-quality job creation,” Balisacan added.

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