Photo credit: DMW

The Philippines witnessed a substantial decrease in its unemployment rate, dropping from 5.3 percent in August last year to 4.4 percent in August 2023.

According to the Philippine Statistics Authority (PSA), the employment rate surged to 95.6%, with 48.07 million individuals aged 15 years and above finding employment.

The underemployment rate in August 2023 dropped to 11.7 percent, indicating improved job satisfaction among workers.

The Labor Force Participation Rate (LFPR) among the youth increased to 34.9 percent. Additionally, the youth underemployment rate dropped significantly to 9.7 percent.

The services sector continued to lead in employment, constituting 53 percent of the total workforce. Noteworthy sectors showing significant growth included fishing and aquaculture, construction, agriculture, human health, and social work activities. However, challenges persisted in sectors such as wholesale and retail trade, public administration, financial and insurance activities, information and communication, and mining and quarrying.