The unemployment rate in the Philippines increased slightly to 4.5% in September from 4.4% in August, according to the Philippine Statistics Authority (PSA).
The PSA conducted a nationwide survey of 11,156 households and found that there were 2.26 million people who were either jobless or out of business in September. This is slightly higher than the 2.21 million people who were unemployed in August.
The slight increase in joblessness is likely due to the decline in the number of people aged 15 and above who actively searched for jobs during the month. Data showed that the country’s labor force participation rate fell to 64.1% in September, from 64.7% in the preceding month.
Despite the increase in unemployment, there was a decline in the number of people who sought more working hours to augment their income. This suggests that there may be an improvement in job quality.
The PSA also reported that the underemployment rate in September eased to 10.7% from 11.7% in August. This means that fewer people were working but were not earning enough to meet their needs.
Source: PhilNews24 | November 8, 2023
