The unemployment rate in March dropped to 4.7 percent from 4.8 percent in February, the Philippine Statistics Authority (PSA) said Monday.

This corresponds to 2.42 million jobless Filipinos out of 51 million people who were out of the labor force this month.

The employment rate in March was estimated at 95.3 percent, higher than February's 95.2 percent.

The number of employed persons in March was estimated at 48.58 million, posting an increase of 1.61 million from the 46.98 million employed persons in March 2022.

Sub-sectors that saw the highest growth in jobs were transportation and storage (533,000); accommodation and food service activities (447,000); wholesale and retail trade; repair of motor vehicles and motorcycles (407,000); and construction (384,000) and other services activities (344,000). Jaspearl Tan/DMS