Philippines Unemployment Rate

The unemployment rate in the Philippines fell to 4% in August 2024 from 4.4% in the corresponding month of the previous year. The number of unemployed persons notably decreased to 2.07 million from 2.22 million in August 2023, while employment rose to 49.15 million from 48.07 million a year earlier. Across broad industry groups, the services sector continued to be the largest employer, accounting for 63.3% of the total employed. Similarly, the agriculture sector made up 19.3%, while the industry sector comprised 17.4% of the total employed workforce. By sub-sectors, employment grew the most to wholesale and retail trade (+1.13 million), public administration and defense (+678 thousand), accommodation and food service activities (+537 thousand), other service activities (+380 thousand), and transportation and storage (+342 thousand). Meanwhile, the labor force participation rate edged up to 64.8% in August 2024 from 64.7% in the same month a year ago.

The unemployment rate in the Philippines rose to 4.7% in July 2024, slightly down from 4.8% in the corresponding month of the previous year. The number of unemployed persons increased to 2.38 million from 2.29 million in July 2023, while employment rose to 47.70 million from 44.56 million last year. Across broad industry groups, the services sector continued to be the largest employer, accounting for 60.8 percent of the total employed. In comparison, the agriculture sector made up 21.2 percent, while the industry sector comprised 18.0 percent of the total employed workforce. By sub-sectors, employment grew the most to wholesale and retail trade (+1.07 million), agriculture and forestry (+936 thousand), and accommodation and food service activities (+512 thousand), while it notably fell to manufacturing (-154 thousand), and professional, scientific and technical activities (-100 thousand). The labor force participation rate went up to 63.5% from 60.0% a year earlier.

The unemployment rate in the Philippines declined to 3.1% in June 2024 from 4.5% in the corresponding month of the previous year, pointing to the lowest level since last December. The number of unemployed persons dropped to 1.62 million from 2.33 million in June 2023 and in May 2024 at 2.11 million. Meanwhile, employment increased to 50.28 million from 48.84 million in the same month a year earlier and 48.87 in May 2024. Among industry groups, employment grew the most in construction (938 thousand), wholesale and retail trade; repair of motor vehicles and motorcycles (527 thousand), and accommodation and food service activities (396 thousand); manufacturing (353 thousand). By contrast, employment dropped the most in agriculture & forestry (-916 thousand); public administration and defense; compulsory social security (-340 thousand), and fishing & aquaculture (-81 thousand). In the meantime, the labor force participation rate edged down to 66.0% in June 2024 from 66.1% a year earlier.