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Philippines' unemployment hits new low since start of pandemic

Published 11/07/2022, 11:13 PM
Updated 11/07/2022, 11:25 PM
© Reuters. FILE PHOTO: A worker wearing a protective face mask picks up items as shoppers queue to buy groceries at a supermarket amid new cases of coronavirus, in Manila, Philippines, March 11, 2020. REUTERS/Eloisa Lopez

© Reuters. FILE PHOTO: A worker wearing a protective face mask picks up items as shoppers queue to buy groceries at a supermarket amid new cases of coronavirus, in Manila, Philippines, March 11, 2020. REUTERS/Eloisa Lopez

MANILA (Reuters) - The Philippines' unemployment rate in September fell to a new low since the COVID-19 pandemic began, highlighting more green shoots of recovery as the country fully reopens its domestic economy.

The unemployment rate eased for a third month in a row to hit 5% in September, the statistics agency said on Tuesday, which bodes well for third quarter growth.

© Reuters. FILE PHOTO: An applicant looks for a job opening as she joins jobseekers at the Labor Day job fair sponsored by the local government in metro Manila, Philippines May 1, 2017. REUTERS/Romeo Ranoco

"The recent survey results show the gains of the full reopening of our economy," Economic Planning Secretary Arsenio Balisacan said in a statement.

Gross domestic product was 7.4% in the second quarter, bringing the average growth in the first half of the year to 7.8%, above the government's 6.5-7.5% growth target for 2022. Official third quarter GDP data will be released on Nov. 10.

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