PHILIPPINES UNEMPLOYMENT RATE EASES TO 4% IN AUGUST 2024

The Philippine Statistics Authority (PSA) on Tuesday reported that the unemployment rate in the country fell to 4 percent in August this year from the year-high 4.7 percent recorded in the previous month. However, compared to the same month last year, this year’s rate went up to 96 percent from 95.6 percent.

The Philippines’ unemployment rate declined to 4.0 percent of the labor force in August 2024 from the year-high 4.7% recorded the previous month (Photo courtesy of Jire Carreon/Rappler)

According to National Statistician Dennis Mapa, the results of the latest labor force survey showed that the employment rate in August was an improvement from the July unemployment rate. The number of employed Filipinos was estimated at 49.15 million which increased from the number of employed persons in July 2024 at 47.70 million and in August 2023 at 48.07 million.

Mapa said the Labor Force Participation Rate (LFPR) which is the ratio of the working age population to the actual labor force, was estimated at 64.8 percent in August or about 51.22 million Filipinos aged 15 years and higher who were employed or unemployed, up from 50.29 million in August last year.

“The story basically is we have more female workers joining the labor force. Year-on-year between August 2023 and August 2024, about 1.03 million female workers joined the labor force and about 1.03 million were absorbed in the labor market, meaning they are employed. Most of them worked for more than 40 hours a week,” said Mapa.

The top five industries with the largest increase in employment included the wholesale and retail trade (+1.13 million), public administration and defense (+678,000), accommodation and food service activities (+537,000), other service activities (+380,000), and transportation and storage (+342,000).

The PSA also said that employed persons worked an average of 40.7 hours per week. It should be noted that the government considers a person employed if they work at least one hour a week. 

Meanwhile, the unemployment rate fell to estimated 2.07 million or 4.0 percent, lower than the 2.22 million in August 2023 and 2.38 million in July this year. 

Underemployed, or those who expressed the desire to have additional hours of work in their present job or to have an additional job or to have a new job with longer work hours, stood at rate of 11.2 percent translating to 5.48 million.

The National Economic and Development Authority (NEDA) also said Filipinos are in for a potentially better holiday season following the release of the latest employment figures. "Coupled with the country's four-year-low inflation rate in September 2024 at 1.9 percent, the positive results of our labor force survey can lead us to a more vibrant holiday season."

"Such advancements will immensely expand our countrymen's access to various market opportunities as well as programs on upskilling and retooling to equip Filipinos for better jobs,” NEDA Secretary Arsenio Balisacan said.

Source: Source: Philippine Star

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