The unemployment rate in the Philippines was estimated to be 3.6% in November 2023, according to preliminary data from the Philippine Statistics Authority. This was lower than the unemployment rates in November 2022 and October 2023, at 4.2%.

By magnitude, the number of unemployed individuals in November 2023 was estimated at 1.83 million, from 2.18 million in November 2022 and 2.09 million in October 2023.

Meanwhile, the underemployment rate dropped to 11.7% in November 2023 from 14.4% in November 2022. In October 2023, the underemployment rate was also 11.7%.

The employment rate in November 2023 increased to 96.4% from 95.8% in November 2022 and October 2023.

The number of employed persons in November 2023 was estimated at 49.64 million, lower than that in the same month of the previous year at 49.71 million. In October 2023, the number of employed persons was posted at 47.80 million.

The labour force participation rate (LFPR) in November 2023 was registered at 65.9%, lower than the reported LFPR in November 2022 at 67.5% but higher than the reported LFPR in October 2023 at 63.9%.

By broad industry group, the services sector continued to dominate the labour market in November 2023 in terms of number of employed persons, sharing 59.5% of the 49.64 million employed persons. The agriculture and industry sectors accounted for 24.6% and 15.9% of the total employed persons, respectively.

The top five sub-sectors in terms of annual increases in the number of employed persons in November 2023 were the following:

a. Agriculture and forestry (1.24 million);       

b. Construction (453,000);        

c. Transportation and storage (308,000);       

d. Fishing and aquaculture (305,000); and       

e. Administrative and support service activities (189,000).

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

a. Manufacturing (-1.39 million);       
b. Wholesale and retail trade; repair of motor vehicles and motorcycles        
(-396,000);       
c. Public administration and defence; compulsory social security        
(-184,000);        
d. Information and communication (-165,000); and       
e. Real estate activities (-145,000)