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MANILA, Oct 1 Asia Pulse - The unemployment rate had fallen to 10.1 per cent as of July this year from 11.4 per cent in January.
Quoting figures from the National Statistics Office (NSO), Presidential Spokesman Rigoberto Tiglao said that the unemployment rate for July 2001 was also a marked improvement from the 11.2 per cent rate in July of last year.
The Department of Labor and Employment (DOLE) said that out of the reported 70,000 jobs lost for the first seven months of this year, only about 4,000 persons have actually failed to find other jobs.
Tiglao said that most of those reported to have lost their jobs have found new employment.
He said the administration,s strategy of relying more on the local market and building on the domestic demand is expected to keep the economy on even keel despite recent global developments.
According to Tiglao this strategy is also expected to stave off a marked increase in unemployment in the next few months.
Tiglao said that the domestic demand in agriculture, housing and in small and medium enterprises could help sustain the economy during these critical times.
Source: HighBeam Research, PHILIPPINES UNEMPLOYMENT RATE DROPPED BETWEEN JAN AND JULY.