Dec 2023 unemployment rate in Philippines fell to 3.1% from Nov's 3.6%

The number of unemployed in December last year was estimated at 1.6 million—lower than 2.22 million reported unemployed in December 2022 and 1.83 million reported in November 2023, an official release said.

The employment rate in December rose to 96.9 per cent from 95.7 per cent in December 2022 and 96.4 per cent in November 2023.

The number of employed was 50.52 million in December last year, higher than 49 million employed in December 2022 and 49.64 million employed in November 2023.

The labour force participation rate (LFPR) in December last year was 66.6 per cent, higher than 66.4 per cent reported in December 2022 at 65.9 per cent reported in November 2023.

The December 2023 LFPR translates to 52.13 million Filipinos aged 15 and over who were in the labour force, or those who were either employed or unemployed. In December 2022, this number was 51.22 million, while it was 51.47 million in November 2023.

The average weekly hours worked of an employed individual in December last year was estimated at 40.6 hours, higher than 40.3 average hours posted in December 2022 and 40.2 hours in November 2023.

The underemployment rate in December last year was 11.9 per cent, lower than 12.6 per cent recorded in December 2022, but higher than the November 2023 rate of 11.7 per cent.

The industry sector accounted for 18.3 per cent of the employed persons.

Youth employment rate increased to 91.8 per cent in the month from 90.5 per cent in December 2022 and 91 percent in November 2023.

Among the youth employed, 11.6 per cent was underemployed—higher than the underemployment rates of 9.2 per cent and 11.3 per cent in December 2022 and November 2023 respectively.

Fibre2Fashion News Desk (DS)