Philippines unemployment hits record low of 3.7% in September

The Philippines' unemployment rate fell to a record low of 3.7% in September, the Philippine Statistics Authority (PSA) said on Wednesday.

The Southeast Asian nation's jobless rate declined from 4.5% a year earlier, with 49.9 million Filipinos employed in September, up 2.2 million year-on-year.

The National Economic and Development Authority (NEDA) said the government would continue to prioritize improving job quality and worker incomes.

"We are sustaining our efforts to enhance all dimensions of our labor market," NEDA Secretary Arsenio Balisacan said in a statement. "The government is urgently addressing the constraints to high-quality job creation and collaborating with the private sector to capacitate our workers with the right skills and competencies simultaneously."

The labor force participation rate rose to 65.7% from 64.0% a year earlier, with more Filipinos, particularly women and those in the prime working age, joining the labor force.

However, underemployment increased to 11.9% from 10.7% a year earlier, indicating that a portion of the workforce is still seeking additional work hours.

To address underemployment and sustain economic growth, the government plans to accelerate infrastructure projects, invest in workforce training, and implement policy reforms.

The government is also finalizing a 10-year plan to guide future labor market policies and investment strategies.