DOLE: Lowest unemployment rate since pandemic shows PH is bouncing back
File photo of DOLE building
MANILA, Philippines — The country’s latest unemployment rate of 7.1 percent, the lowest since the COVID-19 pandemic hit the country, indicates that the economy is “gradually getting back on track,” the Department of Labor and Employment (DOLE) said on Thursday.
Results of the Labor Force Survey from the Philippine Statistics Authority reported that the country’s unemployment rate — 3.44 million unemployed in March — is lower than the 8.8 and 8.7 percent in February and January, respectively.
“With the unemployment rate at 7.1 percent, it is already the lowest recorded since the COVID-19 pandemic hit the country,” DOLE said in a statement.
“The signs are indeed encouraging,” DOLE added. “Our economy is gradually getting back on track as more people are actively participating in the labor force and are becoming employed.”
Furthermore, the PSA reported that there are 2.18 million workers added to the total number of employed, reaching 45.33 million or 92.9 percent employment rate in March, compared to 43.15 million (91.2 percent) in February this year.
The agency also noted the “slight” decline in underemployment from 7.85 million in February 2021 to 7.34 million on March, with 510,000 employees lifted out of the category.
DOLE said they support the economic team’s pushing for the “safe reopening of business,” while encouraging workers to get vaccinated once they got qualified for shots to maintain the momentum.
“The vaccination program for workers which we spearheaded on May 1, during the Labor Day Celebration should bring back their confidence to become economically active, along with the businesses and consumers,” DOLE said.
“We strongly encourage our workers to get themselves inoculated once the COVID-19 vaccines are available,” the agency added.
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