The unemployment rate in the country declined in February to 3.5 percent, equivalent to 1.8 million Filipinos, compared with the level in January and in February last year, the Philippine Statistics Authority said Thursday.
An estimated 2.15 million and 2.47 million Filipinos were reported jobless in January and in February last year, respectively, equivalent to an employment rate of 4.5 percent and 4.8 percent.
The PSA estimated the total labor force in February at 50.75 million Filipinos aged 15 years old or older, up from 48.09 million in January but lower than the 51.27 million estimated in February last year.
Working Filipinos in February was estimated at 48.95 million in February, up from 45.94 million in January and from 48.80 million in the same month last year.
The bulk of the three million additional jobs recorded in February compared with the level in January came from services, which added 2 million jobs. Agriculture added 600,000 jobs while industry provided 400,000 more jobs.
The underemployment rate in February 2024 was posted at 12.4 percent, lower than the recorded rate in February 2023 at 12.9 percent and in January 2024 at 13.9 percent.
In terms of magnitude, 6.08 million of the 48.95 million employed individuals expressed the desire to have additional hours of work in their present job, to have an additional job, or to have a new job with longer hours of work in February 2024.
