The government's chief economic manager said the Philippines is on the brink of realizing President Marcos' goal of slashing the unemployment rate to a low single digit by the end of his term.

In a statement, Finance Secretary Benjamin E. Diokno said that the President's aim to lower the country’s unemployment rate to four percent to five percent by 2028 is now closer to realization than ever before.

In October, the unemployment rate dropped to 4.2 percent from 4.5 percent the previous month, the lowest level since April 2005 and on par with the rate recorded in November 2022.

The latest unemployment data indicates 2.1 million unemployed individuals, a decrease from the reported 2.2 million in October last year.

The year-to-date average unemployment rate for 2023 stood at 4.6 percent, significantly below the 5.3 to 6.4 percent target of the Marcos administration.

"We are now closer than ever to achieving the President’s vision of bringing down the Philippines’ unemployment rate to 4 to 5 percent in 2028,” Diokno said.

"For our part, the Department of Finance (DOF) remains steadfast in our commitment to advocate for fiscal policies that attract meaningful investments, particularly those fostering job creation in the country," he added.

Meanwhile, the employment rate in October soared to 95.8 percent, the highest level since April 2005, also the same as the rate in November 2022.

The number of employed individuals reached 47.8 million during the month, generating 739,000 employment from the same period a year ago and 136,000 employment gains from the previous month.

The increase in employment was mainly due to accommodation and food service activities (generated 291,000 employment), administrative and support (224,000), and transportation and storage (150,000).

Diokno said the increase in employment rate in these sectors can be attributable to greater economic activities.

“Amid global external headwinds, elevated inflation, and waning pent-up demand, the Philippine economy still managed to maintain generally favorable labor and employment conditions as most of the major indicators improved relative to the same period a year ago,” Diokno said.

He added that the government will continue to intensify the implementation of its proactive measures to minimize any adverse impacts of external shocks on the domestic economy.

With the lowest unemployment rate recorded in October, the finance chief said the national government will continue to bolster investments by maintaining macroeconomic stability and supporting the full implementation of structural reforms.

“We are also committed to investing in human capital development, especially for the youth, in order to boost their readiness and employability for quality jobs,” Diokno said.