The unemployment rate in the Philippines has eased to 4.5 percent or about 2.24 million in October 2022, the Philippines Statistics Authority (PSA) reported on Wednesday.

The results of PSA's latest Labor Force Survey showed that the unemployment rate in October dropped by 256,000 from 2.50 million jobless Filipinos in September 2022.

However, six regions posted an unemployment rate above the 4.5 percent national rate in October, namely Bicol (5.8 percent), Calabarzon (5.7 percent), National Capital Region (5.6 percent), MIMAROPA (5.2 percent), and Central Luzon (4.7 percent).

Meanwhile, the number of underemployed Filipinos who want to have additional hours of work in their present job or to have an additional job, or to have a new job with long hours of work was 6.67 million, equivalent to 14.2 percent.

On the other hand, the employment rate in October 2022 slightly increased to 95.5 percent, with 47.11 million employed Filipinos.

“The estimated employment rate this October 2022 was the highest rate recorded since January 2020 and registered to have bounced back to the pre-pandemic levels,” PSA noted.

The top five major sectors that reported the highest increase in employment from July to October are the following:

• Transportation and storage (239,000)

• Manufacturing (174,000)

• Education (108,000)

• Administrative and support service activities (102,000)

• Construction (54,000)

Overall, PSA said the labor force participation rate in October 2022 registered at 64.2 percent, which is around 49.35 million Filipinos aged 15 years old and over who were either employed or unemployed.

The October 2022 Labor Force survey was conducted in 43,641 households nationwide.

A total of 134,349 individuals who are 15 years old and above participated.