MANILA - The joblessness rate hiked slightly while underemployment rate fell to 10-year low in October, data from the Philippine Statistics Authority showed Tuesday.
The unemployment rate inched up to 5 percent from 4.7 percent in the same month of October last year, according to results of the government's Labor Force Survey.
Though higher than the 2016 figure, October 2017 unemployment rate is still lower than the 5.6 recorded in July.
The estimates also pegged the underemployment rate, which reflects the proportion of employed wanting additional work hours, dropping to 15.9 percent from 18 percent a year ago.
The National Economic and Development Authority attributed the drop to the country's "decent work agenda."
“The lower underemployment rate and the higher proportion of wage and salary workers indicate improvement in the quality of employment in the country,” Socioeconomic Planning Secretary Ernesto Pernia said.
“Regular conduct of job fairs and provision of livelihood assistance have contributed to the improvement of underemployment especially in areas outside of the National Capital Region. This is a good indicator that our efforts in the lagging regions are starting to take effect,” he added.