The country’s unemployment rate could further improve to around 3 percent as of end-February this year, an economist said Thursday.

“Philippine unemployment rate as of February 2025 could ease/improve to a range of 3.3 to 3.8 percent amid better weather conditions so far in early 2025 that could improve employment in agriculture and many other industries,” Rizal Commercial Banking Corporation chief economist Michael Ricafort told the Philippine News Agency.

Unemployment rate went down to 4.3 percent in January this year from 4.5 percent in the same month last year.

The preliminary result of the February labor force survey is scheduled to be released on April 8.

Ricafort is expecting some pick-up in production and inventory-building in preparation for the Holy Week and the midterm elections.

“The midterm election campaign would also require more jobs for the candidates and for the industries that supply the candidates’ election-related spending,” he said.

Ricafort said increased government spending on infrastructure and other projects especially before the election ban would also benefit their respective supply chains.

He noted that this would all entail more jobs.

“Philippine employment data [which is] among the best in nearly 20 years or since revised records started in 2005, would remain a bright spot and a major source of growth for the Philippine economy amid the country’s favorable demographics,” Ricafort said. (PNA)