The unemployment rate in the Philippines decreased to 4.0% in August 2024 from 4.4% in the same month last year, according to preliminary estimates by the Philippine Statistics Authority. Compared to July 2024 (4.7%), the unemployment rate fell by 0.7%.
In terms of magnitude, the number of unemployed individuals in August 2024 was 2.07 million. This was lower than the estimated number of 2.22 million in August 2023 and 2.38 million in July 2024.
Meanwhile, the country’s employment rate in August 2024 was estimated at 96.0%. This was higher than the estimated employment rate in August 2023 (95.6%) and July 2024 (95.3%).
In terms of level, the number of employed persons in August 2024 was estimated at 49.15 million. This was higher than the number of employed persons in August 2023 at 48.07 million and in July 2024 at 47.70 million.
By broad industry group, the services sector continued as the top sector regarding the number of employed persons, with a share of 63.3% of the 49.15 million employed persons. The agriculture and industry sectors accounted for 19.3% and 17.4% of the employed persons, respectively.
The labour force participation rate (LFPR) in August 2024 was registered at 64.8%, higher than the estimated LFPR in August 2023 at 64.7%. In July 2024, the LFPR was estimated at 63.5%.
The reported LFPR in August 2024 translates to 51.22 million Filipinos aged 15 years old and over who were in the labour force, either employed or unemployed. The number of individuals aged 15 years old and over who were in the labour force was 50.29 million in August 2023 and 50.07 million in July 2024.
Youth LFPR decreased to 33.2%, from 34.9% reported in August 2023 and 34.2% in July 2024. The youth employment rate increased to 88.0%, from 87.7% in August 2023 and 85.2% in July 2024.
Further data showed that, on average, employed persons worked 40.7 hours per week. This was lower than the average hours worked in a week in August 2023 at 40.8 hours and in July 2024 at 41.1 hours per week.
Wage and salary workers continued to account for the largest share of employed persons, with 62.4% of the total employed persons in August 2024. This was followed by self-employed persons without any paid employee at 28.3% and unpaid family workers at 6.9%. Employers in family-operated farms or businesses had the lowest share of 2.5%. – Staffing Industry Analyst
