The unemployment rate eased to 3.9 percent in October 2024 from 4.2 percent in the same month last year, with the number of jobless Filipinos declining to 1.97 million from 2.09 million. Labor force participation stood at 63.3 percent, representing an estimated 50.1 million Filipinos in the workforce.
However, the October figures were weaker compared to September 2024, when the jobless rate was lower at 3.7 percent and labor force participation was higher at 65.7 percent. In September, 1.89 million Filipinos were unemployed out of a 51.8 million-strong labor force.
Economic Planning undersecretary and national statistician Claire Dennis Mapa explained that the series of typhoons that impacted the country for three of the four weeks in October contributed to the rise in unemployment and lower labor participation compared to September. While the effects of weather disturbances are typically temporary, he said the labor market likely remained weak in November due to the series of weather disruptions last month.
The sectors most affected by unemployment were agriculture, fisheries, and women workers.
The employment rate for October 2024 was 96.1 percent, slightly higher than the 95.8 percent recorded in October 2023. This translated to 48.2 million employed individuals, an increase from 47.8 million last year. However, underemployment rose to 12.6 percent, up from 11.7 percent in 2023, indicating that many workers still sought more hours or better-paying jobs. Specifically, 6.08 million workers expressed the need for additional work or higher-paying positions.
Sectoral trends showed services remained the largest sector, employing 61 percent of the workforce, followed by agriculture (21.2 percent) and industry (17.9 percent). The top five sectors with increased employment were administrative support, accommodation and food services, transportation, construction, and mining. In contrast, fishing, wholesale retail, agriculture, manufacturing, and other service activities saw significant declines in employment.
