The Philippines' economic situation showed signs of improvement in May, as the adjusted misery index dropped to 23.2% from 26.3% in April.
This decline marked the lowest reading since March, when the index stood at 20.8%, and reflected a slowing rate of inflation, which eased to 6.8% in May from 7.2% in April.
The adjusted underemployment rate also fell to 11.6% in May from 14.4% in April, while the official underemployment rate declined to 12.2% in May from 15.2% in April.
The misery index, which incorporates the adjusted underemployment rate alongside inflation and unemployment, provides a broader measure of economic hardship.
Developed by economist Arthur Okun, the misery index is widely used as a proxy for economic distress, with lower readings generally indicating improving economic conditions.
