The unemployment rate in the Philippines in February 2024 dropped to 3.5%, from 4.8% in February of the previous year and 4.5% in January 2024, according to preliminary estimates by the Philippine Statistics Authority.

Further data showed the number of unemployed persons 15 years old and over in February 2024 was estimated at 1.80 million. This was lower than the 2.47 million and 2.15 million unemployed individuals in February 2023 and January 2024, respectively.

Meanwhile, the number of unemployed persons 15 years old and over in February 2024 was estimated at 1.80 million. This was lower than the 2.47 million and 2.15 million unemployed individuals in February 2023 and January 2024, respectively.

In terms of levels, the number of employed persons was registered at 48.95 million, higher than the recorded number of employed persons in February 2023 at 48.80 million and in January 2024 at 45.94 million.

The country’s labour force participation rate (LFPR) in February 2024 was posted at 64.8%. This was lower than the recorded rate in February 2023 at 66.6%, but higher than the January 2024 LFPR at 61.1%.

This translated to 50.75 million Filipinos aged 15 years old and over who were in the labour force, or those who were either employed or unemployed.

On average, employed persons worked 40.1 hours per week, which was higher than the average hours worked in a week in February 2023 at 39.5 hours but lower than the reported average hours worked in a week in January 2024 at 42.1 hours.

By broad industry group, the services sector continued as the top sector in terms of the number of employed persons with a share of 60.6% of the 48.95 million employed persons. The agriculture and industry sectors accounted for 21.3% and 18.1% of the employed persons, respectively. 

The top five sub-sectors in terms of annual increase in the number of employed persons in February 2024 were the following: 

• Construction (470,000); 
• Transportation and storage (444,000); 
• Administrative and support service activities (344,000);
• Manufacturing (313,000); and 
• Accommodation and food service activities (210,000).

In contrast, the following five sub-sectors posted the highest annual decreases in the number of employed persons:

• Agriculture and forestry (-834,000); 
• Fishing and aquaculture (-490,000); 
• Public administration and defense; compulsory social security  (-418,000); 
• Information and communication (-107,000); and
• Wholesale and retail trade; repair of motor vehicles and motorcycles  (-102,000).