Improved economy behind unemployment drop

The Department of Labor and Employment (DoLE) said Friday the drop in the unemployment rate was due to the improving Philippine economy.

The unemployment rate in March was estimated at 3.9 percent, lower than for the same month last year at 4.7 percent. It is, however, higher than the 3.5 percent recorded in February 2024, according to the Philippine Statistics Authority (PSA).

In terms of magnitude, the number of unemployed persons 15 years old and over in March 2024 was estimated at two million, lower than the number of unemployed persons in March 2023 at 2.42 million.

The number of unemployed persons in February 2024 was recorded at 1.80 million.

“The drop of eight percentage points from 4.7 to 3.9 in the unemployment rate, even the drop in the underemployment rate in the last PSA survey, proves that our economy is getting stronger compared to March of last year,” DoLE Secretary Bienvenido Laguesma said.

“The department is pleased with the continued increase in the number of our citizens who are employed amid new developments in the field of technology and problems such as El Niño,” Laguesma added.

The official said this “reflects the suitability of the department’s programs to meet the needs of our citizens seeking jobs and opportunities in our own country.”

Laguesma said initiatives in partnership with various employment sectors include identifying the skills and abilities of the workforce to meet the needs of industries, agriculture, and service-seeking companies.

He assured that DoLE’s solidarity and communication efforts were in full force to inform everyone of the adequate and timely “labor market information” that will guide the “stakeholders” in the world of work.

“Moreover, the department is committed to strengthening and enriching the culture and efficiency of our youth in the changes in various fields such as technology to meet the gaps and needs of our workforce,” Laguesma said.

“We are also encouraging our citizens to try the field of entrepreneurship included in the programs of the department in order to better meet their needs and develop their communities,” he added.