The unemployment rate in April dropped to 4.5 percent from 4.7 percent in March, with 2.26 million labor force out of job, the Philippine Statistics Authority (PSA) said on Friday.
PSA head Dennis Mapa told a news conference that the number of unemployed people declined by around 500,000 from the 2.76 million unemployed in April 2022.
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the decline is evident across all age groups, with the youth experiencing the most significant decreases.
Balisacan added that the government aims to sustain the recent improvements in the labor market conditions by implementing crucial economic reforms and leveraging digital technology to enhance workers' employability.
Meanwhile, a World Bank report on the Philippines released on Wednesday confirmed that the Southeast Asian country's labor force participation gradually increased and unemployment fell in recent months.
"While new jobs have been created, they have primarily been in the agriculture and services sectors," the report said.
Source: Xinhua Finance Agency
