Unemployment is expected to drop in the fourth quarter of the year as livelihood opportunities begin to open up leading to the holidays, an economist said.

The Presidential Communications Office (PCO) cited Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael Ricafort's statement, saying that there was going to be an expected surge of spending in preparation leading to the holidays.

Ricafort stressed that high demand for supplies and services would open up more job opportunities locally.

“Iyong unemployment rate, puwede pa pong bumaba iyan kasi October, November, December … dadami po iyong hiring ‘no, iyong mga employment opportunity, job opportunities, livelihood opportunities towards the holiday season (The unemployment rate could possibly drop because during October, November, December, there will be a surge of hiring, employment opportunity, job opportunities, livelihood opportunities towards the holiday season),” he said in a news forum in Quezon City on Saturday, Nov. 11.

Ricafort added that accommodation and food industries would be among the sectors that will feel the increased holiday demands in the coming days.

In a recent report by the Philippine Statistics Authority (PSA), the country’s unemployment rate increased to 4.5 percent in September from 4.4 percent in August this year.

“Iyong 4.5 na iyan, puwede iyan bumaba pa papalapit doon sa 4 percent. Kasi iyong pinakamababa sa unemployment rate, 4.2 percent in November of last year kasi iyon na po yung pinakamababa noong nagsimula iyong pandemya (That 4.5 percent can still go down close to 4 percent. Because the lowest unemployment rate was 4.2 percent in November last year, the lowest before the pandemic hit ,” he said.

"Kahit may pick-up iyan sa 4.5 percent, that is still among the lowest unemployment rates since the pandemic started,” he added.