Unemployment rate falls for third straight month to 4.3%, second lowest since April 2005
The unemployment rate fell for the third consecutive month to 4.3 percent in May??the second lowest recorded since April 2005. This is a significant improvement from the 6.0 percent recorded in May 2022.
“The jobs numbers are looking good. The country’s consistently low level of unemployment is a source of optimism not only for the Philippines’ economic output, but also for gainful livelihood opportunities for the Filipino people,” Finance Secretary Benjamin Diokno said.
The employment rate increased to 95.7 percent from the 94 percent recorded in the same month last year, translating to 48.3 million employed persons in May 2023.
The labor force participation rate (LFPR) rose to 65.3 percent, up from 64.0 percent in May 2022.
Meanwhile, the underemployment rate decreased to 11.7 percent, translating to 5.7 million underemployed out of 48.3 million employed persons. This is the second lowest underemployment rate since April 2005.
Youth unemployment rate also improved to 10.6 percent from the 12.1 percent recorded in the same period last year. The youth underemployment rate was also lower at 11.0 percent against the 11.6 percent in May last year.
By major sectors, Services emerged as having the largest share of employed persons at 58.8 percent. This was followed by Agriculture at 24.3 percent and Industry at 16.9 percent.
By worker classification, wage and salary workers continued to have the largest share in employment with 60.5 percent of the total employed population. This was followed by those self-employed with a 28.1 percent share in employment.
“The administration of President Ferdinand Marcos, Jr. is hard at work to boost productivity through higher public investments in human capital development. This is bolstered by our efforts to attract investments into the country, which will have a positive impact on the creation of more quality jobs,” Diokno added.
The Philippine government also continues to implement sound macroeconomic policies to ensure that the country’s macroeconomic fundamentals remain strong amid the global economic slowdown and uncertainty. The continued downtrend in inflation and the government’s sound fiscal position will help maintain a conducive environment that will encourage more investments and create greater employment opportunities.
The Philippine economic team has also been conducting bilateral meetings, investor roadshows, and Philippine Economic Briefings (PEBs) abroad to attract foreign direct investments, increase private sector participation in strategic projects, and facilitate the creation of more, better, and green jobs. DOF Communications Office
