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Philippines’ May unemployment rate improves to 4.1%

Philippines’ May unemployment rate improves to 4.1%

July 10, 2024
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The unemployment rate in the Philippines decreased to 4.1% in May 2024, from 4.3% in the same month last year, according to the Philippine Statistics Authority.

May’s 4.1% rate was slightly higher than the 4.0% in April 2024.

The number of unemployed persons in May 2024 was estimated at 2.11 million. This was lower than the 2.17 million unemployed persons in May 2023 at, but higher than the 2.04 million persons in April 2024.

Meanwhile, the country’s employment rate in May 2024 was estimated at 95.9%, higher than the estimated employment rate in May 2023 at 95.7%. In April 2024, the employment rate was posted at 96.0%.

In terms of magnitude, the number of employed individuals in May 2024 was registered at 48.87 million. This was higher than the estimated 48.26 million employed persons in May 2023 and 48.36 million in April 2024.

By broad industry group, the services sector continued as the top sector in terms of the number of employed persons with a share of 60.1% of employed persons. The agriculture and industry sectors accounted for 20.8% and 19.1%, respectively. 

The top five sub-sectors in terms of annual increase in the number of employed persons in May 2024 were the following: construction (745,000); administrative and support service activities (371,000); manufacturing (347,000); transportation and storage (292,000); and public administration and defence; compulsory social security (276,000).

In contrast, the following five sub-sectors posted the highest annual decreases in the number of employed persons: agriculture and forestry (-1.02 million); fishing and aquaculture (-543,000); arts, entertainment, and recreation (-178,000); real estate activities (-152,000); and professional, scientific, and technical activities (-83,000). 

Further data from the Authority showed that the labour force participation rate (LFPR) in May 2024 was registered at 64.8%, lower than the estimated 65.3% LFPR in May 202. In April 2024, the LFPR was estimated at 64.1%.

The reported LFPR in May 2024 translates to a total of 50.97 million Filipinos aged 15 years old and over who were in the labour force, either employed or unemployed. In May 2023, there were 50.43 million individuals aged 15 years old and over in the labour force was, and 50.40 million in April 2024.

The average weekly hours worked of an employed individual in May 2024 was recorded at 40.6 hours per week, higher than the 39.3 hours per week recorded in May 2023 and 40.5 hours per week in April 2024.