Philippines` unemployment rate remained at 4.8% in February

The unemployment rate in the Philippines remained at its previous month's rate of 4.8 per cent in February, official data revealed on Tuesday.

Data from the Philippine Statistics Authority (PSA) showed 2.47 million Filipinos were out of work in February, higher than the 2.37 million recorded in January, reports Xinhua news agency.

National Economic and Development Authority Secretary Arsenio Balisacan said the Philippines' unemployment rate decreased from 6.4 per cent in February 2022 to 4.8 per cent this year, indicating that the country's labour market is "steadily recovering".

According to Balisacan, lifting various Covid-19 restrictions that previously impeded employment opportunities have increased job prospects for Filipino workers.

He added the unemployment rate among the youth, defined as individuals aged 15 to 24, decreased significantly from 14.2 per cent in February 2022 to 9.1 per cent this year.