Unemployment rate down, job quality improved in March

MANILA — Unemployment improved in March, while the quality of jobs improved as the labor market tries to recover amid a reopened economy. 

Results of a nationwide survey of 11,093 households showed there were 2.42 million Filipinos who were either jobless or out of business in March, lower than 2.47 million unemployed persons recorded in February, the Philippine Statistics Authority said on Monday.

That translated to an unemployment rate of 4.7% in March, retreating from the preceding month’s rate of 4.8%.

Meanwhile, PSA data revealed that there were 5.44 million Filipino seeking to work longer hours to augment their monthly income in March. 

That translated to an underemployment rate of 11.2% in March, lower compared to the February outturn of 12.9%. 

The labor market started showing signs of recovery from pandemic misery towards the final quarter of 2022, as the domestic economy reopened itself for business.