PH economy ‘on the mend’ as unemployment eases

The country’s top economic managers said the easing of the unemployment rate and the generation of quality jobs for May this year point to improving economic conditions.

The Labor Force Survey for May 2021 showed that the unemployment rate in May 2021 eased to 7.7 percent from 8.7 percent in April, while underemployment fell to its lower rate since 1987 at 12.3 percent.

Socioeconomic Planning Secretary Karl Kendrick Chua, Finance Secretary Carlos Dominguez, and Budget and Management Secretary Wendel Avisado said in a joint statement, “These significant improvements point to an economy on the mend. As the economy was further reopened in the second half of May, more Filipinos were able to rejoin the labor force and earn sufficient income, as indicated by the lower underemployment rate.”

The economic managers added that 1.5 million jobs were created between April and May this year.

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