The unemployment rate in the Philippines stood at 3.9% in March, edging up from 3.8% in February, reported the Philippine Statistics Authority (PSA) on Wednesday.

The underemployment rate rose to 13.4% in March from 10.1% in February, added the PSA.

The Philippine labor force participation rate, that is, the fraction of adults either employed or seeking work, fell to 62.9% in March from 64.5% in April, said the PSA.

In terms of total employment levels, the number of Filipinos employed in March was 48.02 million, which was lower than the 49.15 million employed a year earlier, according to official figures.

By broad industry, 62.0% of the employed Filipinos worked in services in March, while 20.1% worked in agriculture and 17.9% were employed in industry.

The Philippine unemployment rate spiked to 17.3% in June of 2020, in the COVID-19 era. After the crest, the jobless rate generally declined, reaching to near 4% in late 2023, and never straying far from that level since.

But as for many nations, the Trump Administration tariffs are roiling prospects for the Philippines' workers.

In February, Bangko Sentral ng Pilipinas projected the nation's real GDP would expand by near the lower bound of the 6% to 8% forecast of the Development Budget Coordination Committee.

However, the nation's economy expanded by a slower 5.4% on-year growth rate in the first quarter, even before the impact of Trump Administration tariffs, the Philippines Statistics Authority reported on Thursday.

With US tariffs now on the table, some predicted sub-6% growth for the Philippine economy in 2025.

"Following the downside surprise in 1Q and the expected slowdown in net export growth, we're lowering our 2025 GDP to 5.6% year-on-year," said ING Think, an arm of the Dutch investment house, in a letter to clients.

The slower GDP growth rate may prompt Bangko Sentral ng Pilipinas to accelerate interest rate cuts in the remainder of the year, advised ING Think.