The Philippines’ unemployment rate could drop to as low as 3 percent by the end of February 2025, according to an economist from the Rizal Commercial Banking Corporation (RCBC).
RCBC Chief Economist Michael Ricafort said improved weather conditions early this year may help boost employment, particularly in agriculture and related sectors.
“Philippine unemployment rate as of February 2025 could ease/improve to a range of 3.3 to 3.8 percent amid better weather conditions so far in early 2025 that could improve employment in agriculture and many other industries,” Ricafort told the Philippine News Agency on Thursday.
The country’s unemployment rate dropped to 4.3 percent in January 2025, compared to 4.5 percent during the same period last year. The Philippine Statistics Authority is set to release the preliminary results of the February labor force survey on April 8.
Ricafort added that seasonal factors, such as preparations for Holy Week and the upcoming midterm elections, could also drive job creation.
“The midterm election campaign would also require more jobs for the candidates and for the industries that supply the candidates’ election-related spending,” he said.
He further noted that increased government spending on infrastructure and other projects ahead of the election spending ban would stimulate job opportunities across various supply chains.
“Philippine employment data [which is] among the best in nearly 20 years or since revised records started in 2005, would remain a bright spot and a major source of growth for the Philippine economy amid the country’s favorable demographics,” Ricafort said.
