More underemployed, fewer employed in March By Bless Aubrey Ogerio
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TEN-HUT! PMA’S FINEST OF 2025 The members of the Philippine Military Academy
(PMA) “Siklab-Laya” Class of 2025 Top 10 graduates pose with PMA Superintendent Vice Admiral Caesar Bernard Valencia, PN. Topping the list is Cadet Officer First Class Jessie Jr. R. Ticar, CCAFP, followed by Cadet Officer First Class Murthan Zabala, Joana Marie D. Viray, Carlo A. Badiola, Jetron Giorgio A. Nazareno, Kobe Jo Ann Q. Pajaron, Malvin Brian N. Dapar, Elzur D. Salon (AAFP), Aprilyn A. Magsigay, and Kristine Kate C. Senados—all from CCAFP unless otherwise noted. Story in Second Front Page, A14, “Siklab-Laya Class top grad holds highest average in PMA history.” MAU VICTA
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ESPITE a slight dip in joblessness, more Filipinos found themselves stuck in part-time or low-paying jobs in March 2025, while overall employment also edged down, government data showed. The Philippine Statistics Authority (PSA) reported that the country’s unemployment rate in March 2025 was at 3.9 percent, marginally up from 3.8 percent in February and the same figure in March last year. This translates to 1.93 million jobless individuals in March, down slightly from 1.94 million in
February and 2 million in March 2024. However, the share of employed Filipinos seeking additional hours or better jobs jumped to 13.4 percent, a sharp increase from 10.1 percent in February and 11 percent in March a year ago. This was equivalent to 6.44 million underemployed workers out of 48.02 million employed in March 2025, much higher than 4.96 million the previous month and 5.39 million in March last year. Meanwhile, the employment rate decreased to 96.1 percent, from 96.2 percent in February and March last year. About 48.02 million Filipinos had jobs
in March, lower than the 49.15 million recorded in both February 2025 and March 2024. For the entire first quarter of 2025, the country averaged an employment rate of 96.0 percent, representing 48.6 million employed Filipinos. Still, 6.0 million of them were underemployed (12.3 percent), while 2.0 million remained unemployed, equivalent to a 4.0 percent unemployment rate. By sector, services continued to dominate the labor market, employing 62 percent of the workforce in March 2025. Agriculture followed with a 20.1 percent share, while industry accounted for 17.9 percent.
In terms of job type, wage and salary workers made up the largest group at 63.4 percent. They were followed by the self-employed without paid employees at 27.9 percent and unpaid family workers at 6.6 percent. Meanwhile, employers in family-run farms or businesses accounted for the smallest share of the labor force at just 2.1 percent. The Labor Force Participation Rate (LFPR) fell to 62.9 percent in March, from 64.5 percent in February and 65.3 percent in March 2024. The PSA attributed the decline to schooling and family or household responsibilities. Young Filipinos in the workforce
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Thursday, May 8, 2025 Vol. 20 No. 207
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By Reine Juvierre S. Alberto @reine_alberto
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HE national government’s outstanding debt continued to rise, hitting a fresh record level of P16.683 trillion as of the end of March, due to higher domestic and external borrowings, according to the Bureau of the Treasury (BTr). Latest Treasury data showed the outstanding debt was P51.96 billion higher than the P16.632 trillion recorded at the end of February 2025. On an annual basis, the latest debt figure increased by 11.78 percent from P14.925 trillion in outstanding liabilities in March 2024. “The [national government’s] robust revenue performance in [the first quarter of 2025] has en-
abled the government to finance key priority programs without imposing new taxes, keeping debt growth well within sustainable levels,” the Treasury said in a statement. While the government asserted that debt remains manageable, Philippine Institute of Development Studies (PIDS) senior research fellow John Paolo Rivera See “N.G.,” A2
SLOW INFLATION DOESN’T SHOW STRONG PESO IMPACT YET–BSP By Cai U. Ordinario @caiordinario
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ILAN, Italy—Despite the easing of inflation for the second consecutive month in April—when the rate again fell below 2 percent—the government said this does not yet reflect the impact of a strong peso and is not indicative of weak demand. Bangko Sentral ng Pilipinas (BSP) Monetary Policy Sub-Sector Assistant Governor Zeno Ronald R. Abenoja said the peso has just been strengthening and this may be reflected in a few weeks or months. The strengthening of the peso against the dollar is good news for the country’s importers who need less local currency to purchase food and non-food items abroad. “Maybe we haven’t really felt the impact yet. This is just in the last few weeks that we have seen it. It is helping, but probably it will be a few more weeks or a few more months before we feel the full impact of the appreciation of the peso,” Abenoja told reporters. The Department of Economy, Planning and Development (DepDev) also believes the slowdown in inflation does not reflect a weak demand or consumption spending. Inflation is still expected to be within the 2 to 4 percent target of the national government this year.
DepDev Secretary Arsenio M. Balisacan said even if inflation has been below 2 percent in March and April, this is not a cause for concern. He said if there is any weakness in demand, it is only because of the uncertainty in the global economy. “By this time, we should already be seeing an improvement in consumption, domestic demand, right? With that declining inflation, declining interest rate. But because of this uncertainty in the external sector, it also hits us. I think that people are just simply taking a wait-and-see attitude,” Balisacan told reporters. Abenoja said the slowdown in inflation reflects the “normalization of food inflation” brought about by the recent arrival of the country’s rice imports. The Bureau of Plant Industry (BPI) showed that 1.08 MMT of rice shipments have entered the country as of April 17. (See: https:// businessmirror.com.ph/2025/04/24/riceimport-arrivals-breach-1-million-mt-asof-mid-april/). Abenoja also noted the harvest season is fast-approaching and this also contributed to the “normalization of supply” which helped ease the increase in commodity prices. Apart from food prices, Abenoja said the slowdown in oil prices have also helped ease inflation in April. The Associated Press recently See “Slow,” A2
READ AND LET READ Mang Nanie Guanlao has transformed his home in Barangay La Paz, Makati, into a 24/7 public library, offering free access to books for anyone looking to read or borrow.
His advocacy highlights the critical need for literacy improvement, as recent data from the Philippine Statistics Authority (PSA) reveals that approximately 18.9 million Filipinos remain functionally illiterate, struggling with comprehension despite basic reading and writing skills. NONIE REYES
‘No price spikes despite US trade impact on supply chains’
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RICE increases in the Philippines are expected to remain under control despite the impact of the United States’ trade policies on global supply chains, according to Moody’s Analytics. Inflation eased to 1.4 percent in April, slower than the 1.8 percent recorded in March and 3.8 percent in April 2024. It was also the lowest inflation rate since November 2019’s 1.2 percent. (See: htt ps:// businessmirror.com. ph/2025/05/06/psa-inf lationhits-near-6-year-low-in-april/). The latest inflation print is at the lower end of the Bangko Sentral ng Pilipinas’ (BSP) estimate of 1.3 to 2.1 percent for the month and below the government’s inflation tar-
get range of 2 to 4 percent for the year. Moody’s Analytics forecasts that inflation in the Philippines will stay close to the lower bound of the BSP’s target range this year, even if global inflation heats up due to supply-chain disruptions coming from changing United States policies. “It is unlikely that inflation in the Philippines will exceed the upper limit of the target range,” Sarah Tan, economist at Moody’s Analytics, said. Should inflation continue to ease, Tan said this would pave the way for further monetary policy loosening in the second half of the year. Moody’s Analytics sees one more See “Price,” A2
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GRAB PH, MOVE IT, COMELEC
partner to push for voter education, empowerment
Grab Philippines Chief Corporate Affairs Officer Atty. Booey Bonifacio demonstrates to COMELEC Chairman George Erwin Garcia how Grab users can access election reminders as part of the platform's #RideToVote campaign.
PESO EXCHANGE RATES n US 55.7110 n JAPAN 0.3911 n UK 74.5469 n HK 7.1861 n CHINA 7.7163 n SINGAPORE 43.2740 n AUSTRALIA 36.1564 n EU 63.3713 n KOREA 0.0405 n SAUDI ARABIA 14.8571 Source: BSP (May 7, 2025)