President Ferdinand R. Marcos Jr. said he sees bright prospects for the country’s economy after the unemployment rate dipped in October, expressing confidence the nation would not slide into recession.
In his video message, the President said he would ease people’s burden in the face of current challenges, particularly the global rise in the prices of basic goods.
“The report is that the inflation rate increased up to 8 percent last November. However, there is good news that the unemployment rate was reduced to 4.5 percent from 5 percent,” the President said.
“It makes us stronger and I feel confident that there would be no recession in the Philippines because the unemployment rate is low. Let us work together. We can do it,” he added.
Mr. Marcos said his administration is working to find ways to mitigate the impact of high commodity prices on ordinary Filipinos.
Preliminary data from the latest labor force survey showed that the country’s unemployment rate dropped to 4.5 percent in October, down from 7.4 percent in October 2021 and 5 percent in September.
The number of unemployed Filipinos fell to 2.24 million in October, down from 3.5 million a year earlier, with 1.26 million finding workthis year, while the employment rate increased to 95.5 percent in October, up from 95 percent the previous month, the highest rate since January 2020.
The Philippine Statistics Authority (PSA) said Wednesday It was the lowest jobless rate recorded for all October rounds since 2019. It also eased from 5 percent in September.
The labor force participation rate accelerated to 64.2 percent in October from 62.6 percent a year earlier, translating into an additional 2 million individuals entering the workforce.
Economic Planning Secretary Arsenio Balisacan said an upbeat labor market was sustained, leading toward a strong economic recovery from the impact of the pandemic.