Job surge lowers unemployment rate in February
Number of Jobless Filipinos down to 1.8 million
At A Glance
- The unemployment rate declined to record-low 3.5 percent in February from 4.5 percent, the Philippine Statistics Authority (PSA) reported.<br>This is the second-lowest recorded since December at 3.1 percent.<br>On the other hand, more female workers were in the labor force during the month increasing to 54.1 percent from 49.3 percent in January.<br>The underemployment rate also dropped to 12.4 percent from 13.9 percent in January.
Job creation gained momentum in February as payrolls surged by over 350,000, reflecting robust growth in employment opportunities locally.
The Philippine Statistics Authority (PSA) reported a decline in the number of jobless Filipinos to 1.8 million in the second month of the year from 2.15 million in the previous month.
This positive shift in the local labor market led to a decrease in the country's unemployment rate to 3.5 percent from 4.5 percent in January.
Year-on-year, the jobless rate saw a significant drop from 4.8 percent, equivalent to 2.47 million individuals in the comparative period.
PSA Undersecretary Claire Dennis S. Mapa attributed the decline to the increase in workers in wholesale and retail trade or repair of motor vehicles and motorcycles which gained 1.61 million workers in February.
Workers in the agriculture and forestry sector and accommodation and food services also increased to 1.03 million and 325,000, respectively.
On the other hand, the labor force participation rate increased to 64.8 percent from 61.1 percent in January but lower than 66.6 percent in February a year ago.
More women were in the labor force during the month, increasing to 54.1 percent from 49.3 percent in January while the employment rate of female workers also increased to 96.2 percent from 95.4 percent.
The underemployment rate, or the percent of employed people who are working part-time but prefer to be working full-time, also dropped to 12.4 percent from 13.9 percent in January and 12.9 percent in February 2023.
Wage and salary workers declined to 62.9 percent from 67.1 percent in January, but higher than 61 percent in the same month a year ago.
Among wage and salary workers, those employed in private establishments remained to have the highest share of 79.3 percent, followed by those employed in government or government-controlled corporations with a share of 13.5 percent of the total.
National Economic and Development Authority Secretary Arsenio M. Balisacan said that the government will continue to prioritize vulnerable groups, including women, youth, older people, and those with disabilities in the workforce.
Balisacan added that they will revisit the existing policy governing alternative work modes, such as the Telecommuting Act, to address the growing preference for remote work. 
"The government will explore enhancing the potential of part-time work to help promote lifelong learning. A framework for part-time work and similar set-ups can allow workers to retool or upskill without leaving the workforce," he said.