Philippines: unemployment rate drops to 7.7% in May

(MENAFN) On Thursday, July 1, the Statistics Authority of the Philippines (PSA) said nearly 3.73 million Filipinos were unemployed in May, down from 4.14 million the previous year.

The results of the May Labor Force Survey showed, as PSA Director Dennis Mapa said in an online meeting, that the unemployment rate in the Philippines in May was expected to be 7. , 7%, the second lowest in 2020, after the 7.1% announced in March.

The Philippines Economic Team said the underemployment rate also fell from 17.2% in April to 12.3% in May, the lowest underemployment rate since 1987.

Overall employment remains above pre-coronavirus levels with a net job creation of 2.2 million since January last year, according to the team which includes Socio-Economic Planning Secretary Karl Kendrick Chua , Finance Secretary Carlos Dominguez and Budget Secretary Wendel Avisado.

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