Unemployment rate in Philippines in May 2023 at 4.3%: Government data

The number of employed persons was 48.26 million in May this year, higher than the 46.08 million reported during the same period last year.

The unemployment rate dropped to 4.3 per cent in May this year from 6 per cent in May 2022 and 4.5 per cent in April 2023.

The May 2023 unemployment rate was the second lowest since April 2005, following the 4.2 per cent unemployment rate in November 2022.

The labour force participation rate (LFPR) was 65.3 per cent, higher than 64 per cent reported in May 2022 and 65.1 per cent reported in April 2023.

There were 50.43 million individuals aged 15 and over who were either employed or unemployed in May this year in the country.

The average hours worked in a week by an employed person in May this year was 39.3 hours, slightly lower than 39.8 hours per week estimated in May 2022. However, this was higher than the average hours worked in April this year: 36.9 hours per week, PSA said on its website.

The number of underemployed persons or employed persons who expressed the desire to have additional hours of work in their present job or to have an additional job or to have a new job with longer hours of work, was 5.66 million out of the 48.26 million employed persons, translating to an underemployment rate of 11.7 per cent in May this year.

This underemployment rate was the second lowest since April 2005, with the March 2023 underemployment rate of 11.2 per cent being the lowest.

Youth LFPR was estimated at 33.8 per cent in May this year, lower than 36.2 per cent reported in the same month last year and 34.7 per cent reported in April this year.

Youth employment rate increased to 89.4 per cent in May this year from 87.9 per cent in May last year. Among the employed youth, 11 per cent were underemployed in May this year, lower than the reported 11.6 per cent in May last year.

ALCHEMPro News Desk (DS)