PH unemployment rate down to 7.4% in October
The Philippines’ unemployment rate decreased from 8.9% to 7.4% in October as quarantine restrictions eased in the country, according to a report from the Philippine Statistics Authority (PSA). This current figure is the third-lowest for the year.
The country’s October employment rate is at 92.6% to 43.826 million individuals, up from the previous month’s 91.1%.
The services and industry sectors made up 57.6% and 17.8% of total employment, while agriculture’s share of employment increased to 24.6%.
However, the underemployment rate increased from 14.2% to 16.1% — its highest since July — as more Filipinos want to have additional hours in their jobs or are looking for another employment.
Meanwhile, the labor force participation rate slightly slowed down to 62.6% from 63.3% in the same period.
In a joint statement, National Economic and Development Authority (NEDA) Director-General Karl Kendrick Chua, Department of Finance (DOF) Secretary Carlos Dominguez III, and Department of Budget of Management (DBM) officer-in-charge Tina Rose Marie Canda said that the decrease in the number of jobless Filipinos proved the “soundness” of the government’s decision to “reopen the economy, restore employment, and manage the spread of COVID-19.”
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