Palace hails drop in PH unemployment rate as ‘positive development’
By Prince Golez
Malacañang on Thursday attributed the dropping unemployment rate to President Rodrigo Duterte’s independent foreign policy.
This, after the country’s unemployment rate fell to a 14-year low at 4.5 in October 2019 according to the Philippine Statistics Authority.
The underemployed rate also dropped to 13 percent in the same month.
“The independent foreign policy direction of the Chief Executive, making its doors open to more foreign direct investments creating plenty of livelihood and job opportunities for Filipinos, has made our economic growth robust, sustainable and inclusive,” said Presidential Spokesperson Salvador Panelo in a statement.
The Department of Labor and Employment, according to him, said this “positive development” was brought by “vibrant wholesale and retail trade, transportation and storage, construction, education, accommodation, and food service activities, and public administration and defense, not to mention agriculture, particularly fishing.”
Also citing the Department of Trade and Industry, Panelo noted that the Board of Investments has breached its P1-trillion 2019 investment target as of October.
“As our domestic economy continues its upward trajectory, the Filipino people are assured that the Duterte administration will continue to strengthen the labor market with better knowledge and skills training to our people to equip them with tools for various kind of jobs that are in demand at present and in the near future,” he concluded.