MANILA – Department of Budget and Management (DBM) Secretary Amenah Pangandaman on Monday said the government will continue to support the country's labor force as the unemployment rate dropped to 4.7 percent in March 2023 from 4.8 percent in February 2023.
In a statement, Pangandaman said the economic team, upon the instruction of President Ferdinand R. Marcos Jr., will focus on empowering the Filipino workforce by creating quality jobs and employment opportunities.
Pangandaman said measures will be implemented to strengthen financial and technical assistance to Filipino workers.
“We will continue to invest and pour much-needed support to the Filipino workforce as part of our Agenda for Prosperity,” she added.
She noted a "huge improvement" in the country's jobless rate from the 5.8 percent rate it recorded in the same period last year, and 4.8 percent in February 2023.
PSA data also showed that the country’s employment rate likewise remained strong at 95.3 percent in March 2023, which is higher than the reported employment rate a year earlier 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.
PSA also reported that 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. (PNA)