MANILA (UPDATE) - The Philippines’ unemployment and underemployment rates climbed in May from April, the state statistics bureau said on Thursday.
The Philippine Statistics Authority said the jobless rate was at 6 percent in May meaning 2.93 million people were jobless. This was 0.3 percent higher than the 5.7 percent jobless rate in April, but was lower than the 7.7 percent jobless rate in May 2021.
“Employment rate was estimated at 94 percent in May 2022 or 94 in every 100 persons in the labor force had a job or business in May 2022. This was higher than the 92.3 percent employment rate reported a year ago but lower than the employment rate of 94.3 percent in April 2022,” the PSA said.
The underemployment rate In May meanwhile was placed at 14.5 percent, which was higher than the 14 percent unemployment rate in April, and the estimated 12.3 percent underemployment rate in May 2021.
“Underemployed persons are those 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,” the PSA said.
The PSA said that the services sector had the largest share of the labor market at 59 percent of the 46.08 million employed population.
“This was followed by the agriculture sector with 22 percent share and the industry sector with 19 percent share of the employed persons,” the agency noted.
From April to May, around 1.12 million new workers were added in the wholesale and retail trade, and the motor vehicle and motorcycle repair subsector, the PSA noted.
Employment in construction also increased by 232,000 new workers; fishing and aquaculture added 104,000; manufacturing added 90,000; and transportation and storage added another 70,000.
The agriculture and forestry subsector meanwhile lost 733,000 jobs. Around 51,000 jobs were also lost in the professional, scientific and technical sub-sector.