9-1-2024 (MANILA) Unemployment in the Philippines reached its lowest level in recent years, with a decrease in the number of jobless individuals in November 2023, according to a report by the Philippine Statistics Authority (PSA) released on Tuesday.
PSA Chief Claire Dennis Mapa announced at a press conference that the number of unemployed individuals aged 15 and above dropped to 1.83 million in November 2023, down from 2.09 million in the previous month.
Mapa stated, “The unemployment rate was recorded at 3.6%, or thirty-six out of every 1,000 individuals in the labor force without a job or business in November 2023.”
This marks a decrease of 275,000 jobless individuals compared to November 2022, when there were 2.18 million unemployed Filipinos. It is also the lowest unemployment rate since April 2005, as reported by Mapa.
Among the unemployed, the PSA highlighted that the unemployment rate for males stood at 3.2% (32 out of every 1,000 individuals) in November 2023, lower than the 4.1% unemployment rate for females.
However, the report also revealed an increase in underemployment, with 5.79 million individuals expressing a desire for additional work or longer hours in November 2023, compared to 5.60 million in October 2023. Despite the increase, this figure was significantly lower than the 7.26 million underemployed individuals in November 2022.
On the bright side, the employment rate in the Philippines rose to 96.4% in November 2023, equivalent to 49.64 million employed Filipinos. This reflected a slight increase from the 47.80 million employed Filipinos in October 2023, although it was slightly lower than the 49.71 million employed in November 2022.
The PSA report highlighted sectors that experienced the most significant increases in employment. These included agriculture and forestry (1.24 million increase), construction (453,000 increase), transportation and storage (308,000 increase), fishing and aquaculture (305,000 increase), and administrative and support service activities (189,000 increase).
However, the labor force participation rate, which represents the total number of employed and unemployed individuals aged 15 and above, stood at 65.9% or 51.47 million Filipinos. While this was slightly higher than the 49.89 million in October 2023, it was lower than the 51.88 million reported in November 2022.
The National Economic and Development Authority (NEDA) attributed the decline in the labor force participation rate to factors such as family responsibilities, schooling, and age-related issues, particularly affecting youth and women.
NEDA Chief Arsenio Balisacan emphasized the importance of expanding the digital economy, including the digitization of micro, small, and medium enterprises and startups, to address the shrinking labor force and improve employment opportunities.
Balisacan stated, “Digitalization enables alternative work arrangements, particularly for the youth, women, and those in the creative sector. This will help address the declining labor force. We will take full advantage of liberalization reforms aimed at attracting investments in the Philippines, especially in digital infrastructure. Upgrading our infrastructure will attract investments that generate high-quality jobs.”
The PSA conducted the labor force survey from November 8 to 28, with 31,792 individuals participating in the poll. In addition to the employment report, the PSA recently announced a slowdown in the country’s inflation rate, which reached 3.9%, bringing the year-to-date inflation to 6%.
