According to the data revealed by the Philippine Statistic Authority on Thursday, May 6, the unemployment rate in the country drops to 7.1% or 3.44 million Filipinos are out of work in March, which is lower compared to the previous month with a recorded 8.8% unemployment rate, translating to 4.19 Million jobless individuals in February.
The recent data is the lowest percentage recorded since the all-time high of 17.7% in April 2020, when many businesses closed down during the most stringent lockdown implemented due to COVID-19.
Dennis Mapa, National Statistician noted that the latest monthly survey included 11,058 households and was conducted from March 8 to 27, before the government imposed the strictest enhanced community quarantine classification in Metro Manila, Bulacan, Rizal, Cavite, and Laguna or NCR Plus — in an effort to reduce rising COVID-19 infections.
The data also shows 54.33 million Filipinos with work, translating to a 92.9 percent employment rate — the highest since April last year with 82.4 percent. The employment rate last February was 91.2 percent.
Meanwhile, there are a total of 9.82 million people experienced being laid off temporary/permanently from March 2020 to March 2021 amidst the pandemic.
“With the recovery of the economy after the ECQ was relaxed in mid-2020, 11.5 million jobs have been generated as of March 2021, more than offsetting the 8.7 million jobs that were lost in the period March to May 2020. This translates to net job creation of 2.8 million jobs,” read in a joint statement with the government’s economic team.