The unemployment rate in the Philippines continues to decrease as it recorded its third lowest for the year following the gradual improvement in the country's pandemic situation, the Department of Labor and Employment (DOLE) said.
Citing the latest Labor Force Survey of the Philippine Statistics Authority (PSA) released on Tuesday, Dec. 7, DOLE Assistant Secretary Dominique Tutay said the Philippines recorded a 7.4 percent unemployment rate in October.
"Bumaba po ang ating unemployment rate to 7.4 percent and that is equivalent to 3.5 million. Kung ikukumpara natin sa September Labor Force Survey, mas mabuti na po ito (Our unemployment rate has dropped to 7.4 percent or equivalent to 3.5 million. It is much better compared to the September Labor Force Survey)," Tutay said during the Laging Handa public briefing also on Tuesday.
Based on PSA's report, the October unemployment rate was the third lowest recorded in 2021 after the 6.9 percent in July and the 7.1 percent in March.
This was also lower than the 8.9 percent reported in September which was the highest for the year.
However, Tutay said the latest figure is still high compared to the pre-pandemic situation when the unemployment rate was only at 5.1 percent or equivalent to around 2.4 million.
"Malaki-laki pa po ang ating hahabulin. Alam naman natin na kahit nagbukas na ang ating ekonomiya, may mga restrictions pa rin tayo like yung ating mga hindi bakunadao ay may limitations pa rin sa pagpasok sa kanilang mga pagawaan (We still have a lot to catch up. Even though our economy has reopened, restrictions for unvaccinated workers are still in place)," she explained.
The DOLE official added that the Philippines' unemployment rate is also higher compared to our neighbor countries in Southeast Asia.
But Tutay is optimistic that joblessness in the country will further improve in the coming year with the government's continuous rollout of its vaccination program for the eventual recovery of the economy.
"Ginagawa ng pamahalaan ang makakaya para buksan talaga to 100 percent ang ating ekonomiya. Hopefully, by January pwede na para tuluy-tuloy na ang recovery ng ating bansa (The government is doing its best to open up our economy to 100 percent. Hopefully, by January it will be possible so our country's recovery will continue)," she added.