The unemployment rate has dropped to its second-lowest level in almost two decades, a promising sign for the country's economy, the Philippine Statistics Authority (PSA) reported. In a briefing Friday, July 7, National Statistician Claire Dennis S. Mapa said the jobless rate stood at 4.3 percent in May, down from 6.0 percent a year ago and 4.5 percent in the previous month. For this reason, the number of unemployed Filipinos in May has declined to 2.17 million, from the 2.26 million jobless individuals in April and the 2.93 million unemployed in May last year. Also, the underemployment rate went down to 11.7 percent from 14.5 percent, equivalent to one million fewer underemployed persons. “This is the second lowest unemployment rate on record since April 2005,” Mapa told reporters. Given the favorable labor market performance, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said the government remains steadfast in its commitment to pursue and execute transformative reforms. According to Balisacan, these reforms are aimed at enhancing the country's business investment climate. This commitment extends to creating an environment that is particularly attractive to foreign investors, thereby fostering sustainable growth and further bolstering the current gains in the labor market, the NEDA chief said. “To achieve our near and medium-term targets, it is important that the government remains committed to fostering a favorable investment climate to address critical constraints to high-quality job creation,” he said. Moreover, Balisacan added that establishing an enabling regulatory environment to improve the ease of doing business and encourage innovation remains a top priority to attract investors who have the technology and resources to bring in high-quality jobs. In addition, the chief economist urges individuals to enroll in upskilling and lifelong learning programs to prepare for the jobs of the future. These programs are being offered by both government and private education and training institutions. The labor force participation rate in May reached 65.3 percent, surpassing the rates reported in the same month last year at 64.0 percent and the 65.1 percent recorded last April. In total, there were 50.43 million individuals aged 15 years old and above who were either employed or unemployed during that month. Of that number, the percentage of self-employed individuals was 28.1, while unpaid family workers accounted for 9.2 percent of the workforce. Among the employed population, 46.5 percent were employees in private establishments, while 8.8 percent worked for the government or government-controlled corporations. Recently, wages in the National Capital Region were increased by P40 per day. However, this move was criticized by certain labor groups for being insufficient. On the other hand, business groups expressed concerns about the potential impact on small businesses and the overall economy.