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The unemployment rate showed improvement as it decreased to 4.3% in May 2023, compared to 4.5% in April of the same year, marking the second lowest rate since April 2005, as reported by the Philippine Statistics Authority (PSA).
This indicates that the number of jobless individuals declined to 2.17 million in May, down from 2.26 million in the previous month and 2.93 million in the previous year.
Moreover, underemployment, which includes individuals seeking additional work, also decreased from 12.9% to 11.7%.
In contrast, a year earlier, the unemployment rate stood significantly higher at 6.0% and underemployment at 14.5%.
