The unemployment rate fell to 3.1 percent in December 2023 from 4.3 percent in December 2022, the lowest since April 2005, the Philippine Statistics Authority (PSA) said.

This means that the number of jobless Filipinos was around 1.60 million in December last year was 1.60 million compared to 2.22 million in December 2022.

The employment rate in December 2023 was at 96.9 percent or 50.52 million, higher than 95.7 percent or 49 million in December 2022.

Meanwhile, the underemployment rate in December 2023 was at 11.9 percent or 6.01 million, lower than 12.6 percent or 6.20 million in December 2022.

The subsectors that saw the highest growth in jobs are construction (777,000), agriculture and forestry (715,000), and accommodation and food service activities (498,000).

In a statement, National Economic and Development Authority Secretary Arsenio Balisacan said the government will continue to generate quality jobs for Filipinos.

“We welcome the news of a record-low unemployment rate, signifying the economy’s sustained momentum and resiliency of our labor market,” Balisacan said

“We will continue ramping up social and physical infrastructure investments and dramatically improve human capital to strengthen our people’s employment prospects,” he added. Jaspearl Tan/DMS