Unemployment rate in Nov 2023 in Philippines estimated at 3.6%

In terms of magnitude, the number of unemployed individuals in November last year was estimated at 1.83 million compared to 2.18 million in November 2022 and 2.09 million in October 2023.

The employment rate in November increased to 96.4 per cent from 95.8 per cent in November 2022 and in October this year, an official release said.

The number of employed persons in November was estimated at 49.64 million, lower than 49.71 million, the number in the same month of the previous year. In October 2023, the number of employed persons was posted at 47.80 million.

The labour force participation rate (LFPR) in November last year was registered at 65.9 per cent, lower than the reported LFPR in November 2022 at 67.5 per cent, but higher than the reported LFPR in October 2023 at 63.9 per cent.

The LFPR in November 2023 was 51.47 million Filipinos aged 15 and over who were in the labour force, or those who were either employed or unemployed. In November 2022, this number was estimated at 51.88 million, while 49.89 million were in the labour force in October 2023.

The country’s underemployment rate dropped to 11.7 per cent in November last year from 14.4 per cent in November 2022. In October 2023, the underemployment rate was also 11.7 per cent.

The industrial sector accounted for 15.9 per cent of the total employed persons.

Fibre2Fashion News Desk (DS)