The Philippines' unemployment rate in May rose to 4.1 percent as more Filipinos participated in the labor market, the Philippine Statistics Authority (PSA) reported on Monday, July 8.
Based on PSA's 2024 Labor Force Survey, the current unemployment rate translates to 2.11 million unemployed individuals. It is way higher than the 4 percent recorded in April and 3.9 percent in March, but still lower than the 4.3 percent in May 2023.
The underemployment rate, meanwhile, decreased to 9.9 percent in May from 14.6 percent in the preceding month, which marked the highest rate since 2019.
May 2024's underemployment rate translates to 4.82 million Filipinos looking for an additional job or longer working hours. This marks the lowest since 2005.
The percentage of total labor in the working-age population (15 years and over), known as the labor force participation rate (LFPR), increased to 64.8 percent from 64.1 percent in the previous month.
The employment rate for May dropped from 96 percent in April to 95.9 percent. Level-wise, 48.87 million Filipinos had jobs in May, compared to 48.36 million in the preceding months.
Additionally, the employment rate was at its lowest since 95.5 percent in January, or four months ago.
