The unemployment rate in the Philippines fell to 4.3% in May from 6.0% in the same month the previous year, the lowest level since December and the second lowest since April 2005, reflecting the economy’s continued recovery from the impact of the pandemic. Meanwhile, manufacturing production in the Philippines increased by 10.3% YoY in May 2023, the highest growth since January, after a slightly revised 10.1% rise in April, boosted by the rising output of food and transportation products.