The unemployment rate in the Philippines saw a significant drop from 4.2 per cent in October 2023 to 3.6 per cent in November, reaching its lowest point since April 2005. This data was released by the Philippine Statistics Authority (PSA). During a press conference, the PSA’s head, Dennis Mapa, presented statistics showing that the number of unemployed individuals fell from about 2.09 million in October 2023 to approximately 1.83 million in November the same year.

National Economic and Development Authority Secretary Arsenio Balisacan emphasised that this plunge in the unemployment rate is the greatest observed since 2005 when a new method was implemented in conducting labour force surveys. He underscored the importance of digitalising the economy, especially micro, small, and medium-scale businesses, to boost the decreasing workforce and enhance labour market performance in 2024 and onwards. Balisacan added that digital transformation facilitates alternative work schemes, specifically for youth, women, and individuals in the creative sector.