MANILA - The Philippines’ unemployment rate eased to 6.5 percent in November last year compared to the 7.4 percent level the previous month, the state statistics bureau said on Friday, as the country eased COVID-19 restrictions.

This is equivalent to 3.16 million jobless Filipinos for the month, which is lower compared to 3.5 million in September, data released Friday showed.

Unemployment eases to 6.5 percent in November 2021 compared to 7.4 percent in October: PSA pic.twitter.com/7r2SXRA2Y5

— Jessica Fenol (@JessFenol) January 7, 2022

The Philippine Statistics Authority said underemployment hit 16.7 percent in November, equivalent to 7.62 million Filipinos, which was higher than the underemployment rate recorded in the preceding month.

Mapa said the number of employed person for the month reached 45.48 million, which brought the employment rate to 93.5 percent. The total is also higher than the 92.6 percent in October.

Labor force participation for the month reached 64.2 percent, higher compared to the 62.6 percent rate recorded the previous month, data showed.

Employment figures have bounced back from record highs posted in 2020, at the height of the lockdowns imposed to curb the spread of COVID-19, which caused the Philippines’ worst post-war recession.

As the pandemic enters its third year, economic managers forecast that more targeted measures to fight COVID-19 will see the economy regain its pre-pandemic level of productivity this year.

Several multilateral institutions have raised their growth forecast for the Philippines, following the better-than-expected growth posted in the third quarter.

• 3.5 million jobless Filipinos in October as unemployment eases to 7.4 percent
• ADB raises Philippine economic growth forecast to 5.1 percent in 2021
• World Bank raises Philippine growth forecast to 5.3 percent for 2021

-- with a report from Jessica Fenol, ABS-CBN News

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