The Philippine labor market improves in April, according to preliminary data from the Philippine Statistics Authority (PSA). The number of jobless Filipinos declines to 2.41 million in April from 2.58 million in March. As a result, the unemployment rate drops to 4.7%, down from 5.0% in March. The April figure marks the first time this year that unemployment falls below the 5% threshold, which contrasts with expectations of a weaker labor market amid an energy and oil-price shock.
While unemployment eases, the reports also indicate rising pressure on workers through underemployment. Underemployment increases, reflecting more people who either want additional work or are working fewer hours or under conditions that limit their ability to earn enough income. Overall, the sources characterize the April results as a mixed picture: fewer people are recorded as unemployed, but more workers appear to be struggling with reduced hours or insufficient work.
