Manila: The unemployment rate in the Philippines declined to 4.2 per cent in November 2022, compared to the previous month’s record of 4.5 per cent, official data revealed on Friday.
Data from the Philippine Statistics Authority (PSA) showed 2.18 million Filipinos were out of work in November, lower than the 2.24 million recorded in October, reports Xinhua news agency.
PSA head Dennis Mapa said the November unemployment rate was the lowest rate since April 2005.
According to PSA, the employment rate rose to 95.8 per cent, bringing the total employment for November to 49.71 million.
Socioeconomic Planning Secretary Arsenio Balisacan said that the strong labour market signifies the steady recovery of the Philippine economy.
“We see a more dynamic labour market as flexible work arrangements and digitalization provide easier access to employment opportunities for Filipinos who also attend to other essential tasks such as parenting and pursuing higher education, among others,” he added.