The Philippine Statistics Authority (PSA) reported that the number of jobless Filipinos decreased in May compared to the previous year; however, the figures were higher than they were a month ago.
The PSA Labor Force Survey revealed on Monday, July 8, that the unemployment rate in May this year dropped to 4.1 percent from 4.3 percent in the same month last year.
Despite the improvement, the PSA noted a slight increase from the 4.0 percent recorded in April.
In terms of absolute numbers, the estimated count of unemployed individuals in May was 2.11 million. While this figure was lower than the 2.17 million jobless individuals in May 2023, it was higher than the 2.04 million recorded in April 2024.
Meanwhile, the number of Filipinos who participated in the labor force increased to 50.97 million from 50.43 million and 50.40 million in April, while employed individuals were estimated at 48.87 million from 48.36 million in April.
Meanwhile, The underemployment rate decreased to 9.9 percent, from 11.7 percent in May 2023 to 14.6 percent in April 2024. It was also the lowest in 19 years or since April 2005.
This decline in the underemployment rate was attributed to visibly underemployed or those working less than 40 hours, which decreased by 1.49 million during the month compared to April, PSA Undersecretary Claire Dennis S. Mapa said.
The invisible underemployed, or those who worked for more than 40 hours, also contributed to a lower underemployment rate, which declined by 754,000.
In addition, the increase in employment numbers was primarily driven by the expansion of the industry, with an additional 1.2 million workers and services, which amounted to 982,000.
The construction and manufacturing subsectors also grew significantly, adding 745,000 and 347,000 jobs, respectively, amid the Marcos administration’s implementation of flagship programs and projects.
On the other hand, El Niño and Typhoon Aghon impacted the agriculture sector, which lost about 1.6 million workers.
National Economic and Development Authority Arsenio M. Balisacan said that the government is taking several measures to sustain the country’s robust labor market trend, which includes the Trabaho Para sa Bayan (TPB) Plan.
“Since June, we have been conducting public consultations for the TPB Plan across all regions in the country. We want to involve both employers and workers in understanding how various changes in the economy, society, and the environment have been affecting the world of work and how the different labor market actors have been adjusting to the changes. The key is to identify effective and efficient solutions to their challenges and may continue to encounter,” Balisacan said.