The Philippine economy continues to demonstrate resilience as recent statistics show a notable decline in the unemployment rate, indicating improved economic stability and job creation. House of Representatives Speaker Martin Romualdez attributed this progress to strategic economic initiatives by President Ferdinand R. Marcos Jr., aiming to provide sustainable economic opportunities for Filipinos.
In February, the country’s unemployment rate dropped significantly to 3.8%, down from 4.3% in January, according to data released by the Philippine Statistics Authority (PSA). This reduction translates to approximately 220,000 fewer unemployed Filipinos, with the total unemployed population decreasing from 2.16 million to 1.94 million individuals.
Record Employment Figures Signal Positive Economic Trends
Romualdez highlighted the record employment rate of 96.2%, with a total of 49.15 million Filipinos currently employed. He emphasized that this improvement signifies more than mere statistics—it reflects tangible benefits for everyday citizens through increased job availability and economic stability. “With 49.15 million Filipinos now employed, we are seeing progress not just in numbers but in the lives of ordinary citizens,” Romualdez stated.
Significant Drop in Underemployment
The data also revealed a considerable reduction in underemployment—from 13.3% in January to 10.1% in February. This indicates that roughly 4.96 million individuals no longer find it necessary to seek additional employment, suggesting enhanced job quality and improved working conditions nationwide.
Sustaining Economic Momentum
Despite the encouraging trends, Romualdez underscored the importance of maintaining this momentum to further strengthen the labor market. He pointed out, “Fewer Filipinos now feel the need to look for additional work. This means better quality jobs and improved working conditions are becoming more accessible.” Continuous policy efforts will be essential in achieving sustainable employment growth.
Looking Forward
Amidst global economic challenges, the Philippines’ current economic trajectory showcases the nation’s strength and adaptability. Continued strategic policy implementation will be crucial in ensuring sustained growth, employment stability, and overall economic resilience moving forward.
