Unemployment rate hits 3-month high in May
The unemployment rate in the Philippines records its three-month high as it reached six per cent in May, according to preliminary data from the Philippine Statistics Authority (PSA).
The PSA’s report showed that the ranks of unemployed Filipinos rose month-on-month by 165,000 to 2.927 million in May.
Despite the increased economic activity in the country, job quality also deteriorated as the underemployment rate increased from 14% in April to 14.5% in May.
In absolute terms, this translates to 6.668 million underemployed Filipinos, 269,000 more than the 6.399 million in April.
Trade Union Congress of the Philippines (TUCP) Spokesperson Alan Tanjusay said the end of the election campaign period may have contributed to the unemployment increase.
However, National Statistician Claire Dennis Mapa stated that although there is an increase in employment in May 2022 versus May 2021, the jobs survey does not specifically cover election-related questions.
Meanwhile, the labor force participation rate (LFPR) rose to 64% in May. The overall employment rate is at 94% to 46.084 million with the services sector contributing 59%.
