PBBM: PH has good economic prospects with low unemployment rate

President Ferdinand R. Marcos Jr. said Thursday he sees bright prospects for the country’s economy after the unemployment rate dipped in October.

President Marcos made this remark in a video message, where he assured the Filipino people of easing their burden amid the present challenges, specifically the global rise in the prices of basic goods.

“Ang balita na tumaas ang inflation rate na hanggang eight percent last November. Mayroon naman kasabay na mas magandang balita na bumaba ang unemployment rate sa four and a half percent mula sa five percent,” President Marcos said.

“Kaya’t kahit papaano ay malakas ang loob natin na hindi tayo magkakaroon ng recession dito sa Pilipinas dahil masyadong mababa ang unemployment rate at kung maaalala ninyo sa pagsimula namin dito sa administrasyong ito ay pinag-usapan na namin ay trabaho talaga ang aming uunahin. Kaya’t ‘yan ang nakikita ngayon natin na nangyayari. Ipagpatuloy lang natin ‘yan,” the President pointed out. how to cushion the impact of high prices of basic goods on ordinary Filipinos.

“At asahan ninyo na lahat ng paraaan na maari nating gawin ay gagawin natin para pababain ang inflation rate at gawing mas mabagal man lang ang pagtaas ng presyo,” the chief executive said.

Based on the Philippine Statistics Authority’s (PSA) preliminary results of its latest labor force survey released on Wednesday, the country’s unemployment rate dropped to 4.5 percent in October, lower than the 7.4 percent in October 2021 and 5 percent in September.

The PSA survey results showed the number of unemployed Filipinos decreased to 2.24 million in October from 3.5 million a year ago, with 1.26 million securing employment this year.

The PSA survey also indicated the employment rate in October rose to 95.5 percent, from 95 percent in the previous month, the highest rate recorded since January 2020.