The country’s unemployment rate further dropped to 4.3 percent in May this year from 6 percent a year ago, the Philippine Statistics Authority (PSA) reported on Friday, July 7.
In a briefing, National Statistician Dennis Mapa said preliminary results of the May 2023 Labor Force Survey (LFS) showed that the unemployment rate during the month was also lower than 4.5 percent recorded in April this year.
The latest unemployment rate figure is equivalent to 2.17 million unemployed Filipinos, down from last year’s 2.93 million and from April this year’s 2.26 million.
Mapa said the labor force participation rate (LFPR), meanwhile, was estimated at 65.3 percent or about 50.43 million Filipinos aged 15 years and over who were either employed or unemployed.
The LFPR during the month was also higher than the 64 percent and 65.1 percent reported in May 2022 and April this year.
The employment rate in May also went up to 95.7 percent from 94 percent in the same month last year and the 95.5 percent recorded in April this year.
“In terms of magnitude, the number of employed persons was posted at 48.26 million in May 2023, higher than the reported number of employed persons in the same period last year at 46.08 million,” Mapa said.
He said the top five major industries with the largest increase in employment were agriculture and forestry, accommodation and food service activities, other service activities, fishing and aquaculture, and arts, entertainment and recreation.
The number of underemployed, or those who expressed the desire to have an additional hour of work in their present job or to have an additional job or to have a new job with longer hours of work, was at 5.66 million, translating to an underemployment rate of 11.7 percent, down from the 12.9 percent in April and 14.5 percent in May last year.
In a statement, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the government remains committed to achieving a high-quality labor market in the country.
Balisacan assured that the government would continue to push for and implement game-changing reforms to improve the country’s business investment climate and help in sustaining current labor market gains.
“To achieve our near and medium-term targets, it is important that the government remains committed to fostering a favorable investment climate to address critical constraints to high-quality job creation,” he said.PNA
