Philippines Jobless Rate Drops, Boosting Poverty Reduction Goals

April 12, 2024
8:05AM PHT

Finance Secretary Ralph G. Recto on Friday highlighted the notable decrease in the Philippines' unemployment rate, which fell to a remarkable 3.5% in February 2024 from 4.8% the previous year.

This improvement, marking the second-lowest unemployment figure ever recorded, reflects the government's effective strategies in bolstering the job market, he said in a statement.

With 49 million Filipinos employed, an increase from last year, and a significant rise in quality job engagement, the country is on track to achieve its ambitious goal of reducing the poverty rate to below 10% by 2028, potentially even sooner with continued labor market enhancements, Recto explained.

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