DBM welcomes drop in Ph unemployment rate
The Department of Budget and Management (DBM) remains committed to support the Filipino workforce as the country's unemployment rate made a steady drop from 4.8 percent in February 2023 to 4.7 percent in March 2023, based on the latest data released by the Philippine Statistics Authority (PSA).
This is a huge improvement compared from the 5.8 percent rate it recorded in the same period last year, and 4.8 percent in February 2023.
DBM Secretary Amenah F. Pangandaman welcomed the development on the latest unemployment rate stressing that the government will continue to support the country’s labor force.
“As directed by President Ferdinand R. Marcos Jr., the economic team commits to focus on empowering the Filipino workforce by creating quality jobs and employment opportunities. Rest assured we will continue to endeavor with implementing measures that will strengthen our financial and technical assistance to our workers,” the Budget Secretary said.
“We will continue to invest and pour much-needed support to the Filipino workforce as part of our Agenda for Prosperity,” she added.
The country’s employment rate likewise remained strong at 95.3 percent in March 2023– higher than the reported employment rate in the same period in 2022 at 94.2 percent and in the previous month at 95.2 percent. This translates to an estimated 48.58 million employed persons as of March 2023, an increase of 1.61 million from the 46.98 million employed persons in March 2022.
The underemployment rate in March 2023 is the lowest since April 2005. Data showed the country’s underemployment rate went down to 11.2 percent, from 15.8 percent in the same month in 2022, and 12.9 percent in February 2023. (DBM/PIA Caraga)
