NATIONAL
Advocates Philippines
PH Record High Employment Rate Of 95.8%
File Photo
The Philippine Statistics Authority's latest Labor Force Survey for October 2023 indicates a surge in the employment rate, reaching an unprecedented 95.8%. This marks the highest employment rate since April 2005, maintaining consistency with the estimated rate in November 2022.
In terms of absolute numbers, the survey reports a total of 47.80 million employed individuals aged 15 and above in October 2023, showcasing an upward trend compared to 47.06 million in the same month of the previous year and 44.63 million in July 2023.
The unemployment rate in October 2023 stands at an impressive low of 4.2%, a notable decrease from the 4.5% recorded in October of the previous year and the 4.8% rate in July 2023. This reflects the lowest reported unemployment rate since April 2005.
The survey also reveals that about 2.09 million individuals were unemployed in October 2023, showcasing a decline from 2.24 million in October 2022 and 2.27 million in July 2023.
The Labor Force Participation Rate (LFPR) for October 2023 is reported at 63.9%, representing 49.89 million Filipinos either employed or unemployed. Although lower than the reported rate in October 2022 (64.1%), it is higher than the LFPR in July 2023 (60.1%).
The average weekly hours worked per employed individual in October 2023 were estimated at 41.2 hours, surpassing the 40.2 hours recorded in October 2022 but falling short of the 42.3 weekly hours in July 2023.
Underemployed individuals, expressing a desire for additional work, accounted for 5.60 million out of the 47.80 million employed Filipinos, translating to an underemployment rate of 11.7%. This rate is lower than the reported rates in October 2022 (14.2%) and July 2023 (15.9%).
In terms of industry distribution, the services sector continues to dominate the labor market in October 2023, constituting 60.1% of the total employed persons, while the agriculture and industry sectors contribute 22.2% and 17.8%, respectively.
The top five sub-sectors with the highest annual increase in the number of employed persons in October 2023 include Accommodation and food service activities (291 thousand), Administrative and support service activities (224 thousand), Transportation and storage (149 thousand), Public administration and defense; compulsory social security (98 thousand), and Human health and social work activities (86 thousand).
Conversely, the top five sub-sectors with the highest annual decrease in the number of employed persons include Wholesale and retail trade; repair of motor vehicles and motorcycles (-193 thousand), Mining and quarrying (-75 thousand), Manufacturing (-73 thousand), Arts, entertainment, and recreation (-36 thousand), and Fishing and aquaculture (-30 thousand).
Wage and salary workers constitute 63.1% of the total employed persons, with private establishments employing 78.7% of wage and salary workers.
Seven regions, including the Bangsamoro Autonomous Region in Muslim Mindanao, Region XIII - Caraga, and Region XII - SOCCSKSARGEN, recorded LFPR higher than the national average.
The National Capital Region (NCR) reported the highest unemployment rate at 5.4% in October 2023, while Davao Region had the lowest reported unemployment rate at 2.9%.
Youth LFPR slightly decreased to 34.1% in October 2023, with a corresponding decrease in the youth employment rate to 88.6%. The youth underemployment rate is reported at 10.3%, and the youth unemployment rate increased to 11.4%.
Moreover, the proportion of youth not in education, employment, or training (NEET) increased to 11.7% in October 2023, up from 11.4% in October 2022.
In terms of absolute numbers, the survey reports a total of 47.80 million employed individuals aged 15 and above in October 2023, showcasing an upward trend compared to 47.06 million in the same month of the previous year and 44.63 million in July 2023.
The unemployment rate in October 2023 stands at an impressive low of 4.2%, a notable decrease from the 4.5% recorded in October of the previous year and the 4.8% rate in July 2023. This reflects the lowest reported unemployment rate since April 2005.
The survey also reveals that about 2.09 million individuals were unemployed in October 2023, showcasing a decline from 2.24 million in October 2022 and 2.27 million in July 2023.
The Labor Force Participation Rate (LFPR) for October 2023 is reported at 63.9%, representing 49.89 million Filipinos either employed or unemployed. Although lower than the reported rate in October 2022 (64.1%), it is higher than the LFPR in July 2023 (60.1%).
The average weekly hours worked per employed individual in October 2023 were estimated at 41.2 hours, surpassing the 40.2 hours recorded in October 2022 but falling short of the 42.3 weekly hours in July 2023.
Underemployed individuals, expressing a desire for additional work, accounted for 5.60 million out of the 47.80 million employed Filipinos, translating to an underemployment rate of 11.7%. This rate is lower than the reported rates in October 2022 (14.2%) and July 2023 (15.9%).
In terms of industry distribution, the services sector continues to dominate the labor market in October 2023, constituting 60.1% of the total employed persons, while the agriculture and industry sectors contribute 22.2% and 17.8%, respectively.
The top five sub-sectors with the highest annual increase in the number of employed persons in October 2023 include Accommodation and food service activities (291 thousand), Administrative and support service activities (224 thousand), Transportation and storage (149 thousand), Public administration and defense; compulsory social security (98 thousand), and Human health and social work activities (86 thousand).
Conversely, the top five sub-sectors with the highest annual decrease in the number of employed persons include Wholesale and retail trade; repair of motor vehicles and motorcycles (-193 thousand), Mining and quarrying (-75 thousand), Manufacturing (-73 thousand), Arts, entertainment, and recreation (-36 thousand), and Fishing and aquaculture (-30 thousand).
Wage and salary workers constitute 63.1% of the total employed persons, with private establishments employing 78.7% of wage and salary workers.
Seven regions, including the Bangsamoro Autonomous Region in Muslim Mindanao, Region XIII - Caraga, and Region XII - SOCCSKSARGEN, recorded LFPR higher than the national average.
The National Capital Region (NCR) reported the highest unemployment rate at 5.4% in October 2023, while Davao Region had the lowest reported unemployment rate at 2.9%.
Youth LFPR slightly decreased to 34.1% in October 2023, with a corresponding decrease in the youth employment rate to 88.6%. The youth underemployment rate is reported at 10.3%, and the youth unemployment rate increased to 11.4%.
Moreover, the proportion of youth not in education, employment, or training (NEET) increased to 11.7% in October 2023, up from 11.4% in October 2022.
Dec 7, 2023
