PH UNEMPLOYMENT, UNDEREMPLOYMENT RATES IN MAY 2023 HIT SECOND LOWEST SINCE APRIL 2005 – NEDA
July 07, 2023 – The Philippine government reaffirms its commitment to achieve a high-quality labor market in the country as unemployment and underemployment rates hit their second lowest records since April 2005, according to the National Economic and Development Authority (NEDA).
The Philippine Statistics Authority (PSA) reported today that the country’s unemployment rate improved to 4.3 percent in May 2023 from 6.0 percent registered in the same period last year.
Also, the underemployment rate went down to 11.7 percent from 14.5 percent in May 2022, equivalent to 1.0 million fewer underemployed persons.
Given the favorable labor market performance, NEDA Secretary Arsenio M. Balisacan assures the public that the government will continue to push for and implement game-changing reforms to improve the country’s business investment climate, especially for foreign investors, and help in sustaining current labor 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,” he said.
Moreover, Balisacan added that establishing an enabling regulatory environment to improve the ease of doing business and encourage innovation remain as top priorities to attract investors who have the technology and resources to bring in high-quality jobs.
In addition, the chief economist urges individuals to enroll in upskilling and lifelong learning programs to prepare for the jobs of the future. These programs are being offered by both government and private education and training institutions.
“We welcome partnerships with the private sector, including international organizations, to ensure that our government services, particularly with respect to employment facilitation, upskilling or retooling, and promoting workers’ protection, are on the same level with global best practices,” adds Balisacan.
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