Philippines’ Jobless Rate Increases to 4.1% in May, Official Statistics Say

By Jose Resurreccion

Jul 08, 2024 06:44 AM EDT

Philippines’ Jobless Rate Increases to 4.1% in May, Official Statistics Say
The skyline of the Makati business centre is seen from Taguig City, suburban Manila on August 19, 2023.
(Photo : TED ALJIBE/AFP via Getty Images)

The unemployment rate in the Philippines was recorded at 4.1% as more Filipinos joined the workforce and the labor market. 

According to a preliminary report released by the Philippine Statistics Authority (PSA) on Monday (July 8), the recorded rate, equivalent to 2.11 million people, moved at its highest pace in four months. This is compared to the 4% rate recorded in April. 

The Philippine Daily Inquirer also reported that the rate was still lower than the 4.3% recorded in May 2023.

Despite this, the employment rate in May fell to 95.9% from 96% in the previous month. It was also the lowest in the four months since January 2024. 

The Daily Tribune reported that unemployment affected the agriculture sector most, and 1.6 million jobs were lost in May.

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Underemployment Rate Also on the Rise

Aside from a rising number of unemployed people, the underemployment rate decreased to 9.9% in May, compared to 14.6% in April, the lowest it has been since 2005.

The figure represents around 4.82 million Filipinos who have a job but are still looking for another one or longer working hours. 

On the other hand, the labor force participation rate (LFPR), which assesses the proportion of total labor in the working-age population, rose to 64.8% from 64.1% in the previous month. 

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