Seeking jobs at job fairs (Source Philstar.com)Hanoi (VNA) – The Philippines’ unemployment rate in January 2016 fell to its lowest in a decade, local media reported on March 11.
According to the Philippines Statistics Authority (PSA)’s Labour Force Survey (LFS), the country’s unemployment rate fell to 5.8 percent from 6.8 percent in the same period last year. The labour market has improved significantly in most areas.
Secretary of Socio-Economic Planning Emmanuel F.Esguerra said the country’s labour market has been bolstered due to more job opportunities in the industrial and service sectors.
The official acknowledged that in the first month of this year, the industrial sector generated 508,000 jobs while the service sector created 1.18 million. The number of unemployed dropped 279,000 people to 2.4 million.
He said with the auspiciousness of the labour market in January 2016 and the continuing fall in unemployment, the country could achieve its target of bringing its unemployment rate to 6.5 percent or 6.7 percent for 2016 in the Philippines Development Plan.-VNA
