00:00The unemployment rate of the country was at 3.1% or equal to 1.63 million in December 2024.
00:09This is the lowest unemployment rate recorded by the Philippine Statistics Authority since April 2005.
00:16Based on the data, this is lower than the 3.2% or 1.66 million unemployed in November 2024.
00:26This is based on the data of the Philippine Statistics Authority in their December 2024 Labor Force Survey.
00:33It reached 50.19 million unemployed, which is lower than 50.52 million in December 2023.
00:42This is higher than 49.54 million in November 2024.
00:48Meanwhile, the under-employment rate of the country decreased to 10.9%.
00:54The Philippine Government continues to focus on the economic growth
00:59in order to provide better opportunities for Filipino workers to have a decent and high-quality job.
01:09The Philippine economy will be stronger in the next two years
01:15due to the wider expansion of the economy,
01:19stronger spending on infrastructure, and reforms in leadership.
01:24According to Chris Janice Crustins, economic analyst of Fitch Ratings,
01:28the gross domestic product of the Philippines may reach 5.9% this year, and 6.2% in 2026.
01:38Crustins also expects that the debt of the Philippines will gradually decrease this year
01:45due to the stable economy and the continuous reduction of deficit or excess expenses.
01:51However, Crustins said that it is possible for our peso to drop and inflation to rise
01:57because America is protecting their business.
02:01Despite this danger, Fitch Ratings stated that the foundation of the Philippine economy remains strong.
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