The country's unemployment rate sank to 5.8% in March 2022, according to the Philippine Statistics Authority (PSA), with 2.87 million Filipinos without jobs.
This is lower than the previous 6.4% unemployment rate in February 2022, when 3.13 million are unemployed.
According to the latest March 2022 Labor Force Survey, the employment rate is at 94.2% in March 2022, with 46.98 million Filipinos employed.
"In terms of magnitude, an increase of 1.50 million employed persons was accounted for from February 2022 to March 2022," said the PSA in a statement.
"Likewise, a total of 1.64 million employed individuals were added to the employed population of 45.33 million in March 2021," it added.
March’s employment rate is recorded as the highest since April 2020, but lower than the registered rate in January 2020.
Meanwhile, the country's Labor Force Participation Rate in March 2022 was at 65.4%, which the PSA said is the highest since the start of the pandemic.
Underemployment also increased in March, going 15.8% from the 14% back in February. This corresponds to 7.42 million underemployed Filipinos in March.
Malacañang welcomed the latest employment report from the PSA, particularly the high employment rate among Filipinos.
"We welcome the latest employment situation reported by the Philippine Statistics Authority (PSA) showing the employment rate in March 2022 at 94.2, the highest since April 2020,' said acting presidential spokesperson Martin Andanar.
He said that the figures prove how the government's strategy in reopening the economy and ramping up COVID-19 vaccination drives are effective.
