The Philippine labor market showed positive signs in May 2024, according to data released by the Philippine Statistics Authority (PSA).
The unemployment rate dipped to 4.1%, down from 4.3% in May 2023. This translates to a decrease in the number of unemployed Filipinos from 2.17 million to 2.11 million.
The data also revealed a rise in the employment rate to 95.9% from 95.7% in the same period last year. This increase was attributed to the expansion of jobs in the industry (+1.2 million) and services (+982,000) sectors. The construction and manufacturing subsectors also saw significant growth, adding 745,000 and 347,000 jobs, respectively.
The National Economic and Development Authority (NEDA) credited the government’s infrastructure projects for the surge in construction jobs. These initiatives increased demand for construction workers and materials, leading to more opportunities in the sector.
However, the agricultural sector faced challenges due to El Niño and Typhoon Aghon, resulting in a loss of 1.6 million jobs. Geopolitical tensions in the West Philippine Sea also negatively impacted fishing activities.
Another bright spot was the underemployment rate, which fell to 9.9% in May – the lowest level since 2005. The PSA data also indicated an increase in middle-skilled employment (2.0 million), wage and salaried employment (1.5 million), and full-time jobs (2.8 million).
Source: PNA
Image: Yancy Lim (PNA photo)
