The Philippines’ unemployment rate during the tail-end of 2023 could further improve due to the high demand during the Christmas season and possibly more job opportunities in 2024, Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said.

"The employment data for the rest of 2023, specifically November to December 2023, could still improve, particularly unemployment rate could still ease towards 4% due to the seasonal increase, if not, peak in demand and other businesses activities, especially in December," Ricafort said.

The country's unemployment rate fell to its lowest level of 4.2% in October last year. Data showed that the number of unemployed went down to 2.09 million in October 2023 from 2.24 million in October 2022.

Ricafort said that, while there may be some seasonal pick-up in the unemployment rate after Christmas and New Year 2023, further recovery in foreign and local tourism, and other businesses hit hard by the pandemic, could still create more job opportunities, going forward.

"Possible faster economic growth and possible slower headline inflation that could ease with the central bank’s target would fundamentally lead to more employment creation in 2024," Ricafort said. "Continued increase in infrastructure spending at least 5% to 6% of GDP and continued increase in overall government spending, especially if budget utilisation is maximized, would also lead to faster economic growth and more jobs in the supply chains of the various infrastructure and other government projects.”