The number of Filipinos without jobs fell to its lowest level in six years, according to a recent survey by Social Weather Stations (SWS).
The survey found that 7.9 million Filipinos were jobless in the third quarter of 2023, down from 10.3 million in June. This translates to an adult joblessness rate of 16.9%, the lowest since 2017.
The decline is attributed to a rise in the labor participation rate, which reached 63.3% from 61.5% in June. This suggests more Filipinos are actively seeking work, contributing to the drop in joblessness.
The survey also found that joblessness decreased across all regions and areas, with the highest declines seen in Balance Luzon and Metro Manila. Women still have a higher joblessness rate than men, but both groups saw significant decreases compared to June.
These findings differ slightly from the government’s official unemployment and underemployment rates, which were at 15.4% in October. However, both sets of data point to a positive trend in the Philippine labor market.
Source: PhilNews24 | December 22, 2023
