Unemployment rate in the Philippines eased in May to its lowest in six months, with the economy creating over 2.1 million new jobs over the past 12 months amid greater mobility as concerns over COVID-19 infections wane.
The Philippine Statistics Authority reported Friday that the jobless rate in May stood at 4.3 percent, or 2.2 million out of the estimated 50.43 million-strong work force during the month. The May unemployment rate was the same level in December, the second lowest since April 2005. The jobless rate was 4.5 percent in April and 6.0 percent in May 2022.
Conversely, the employment rate rose to 95.7 percent, or 48.26 million people with jobs in May compared with 46.08 million in the year-earlier period.
The ranks of the underemployed–persons who have 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 hours of work—in May stood 5.66 million of the 48.26 million employed, or an underemployment rate of 11.7 percent. The underemployment rate in May 2023 was the second lowest since April 2005 with March 2023 underemployment rate of 11.2 percent as the lowest.
By sector, services accounted 58.8 percent of total employment in May, with agriculture and industry contributing 24.3 percent and 16.9 percent, respectively.
