BUSINESS
Advocates Philippines
Unemployment Rate in January at 4.8 Percent
Screengrab from PSA
The unemployment rate in the Philippines for January 2023 has been estimated at 4.8 percent, which is a decrease from the same month last year when it was at 6.4 percent. This equates to 2.37 million unemployed Filipinos, according to the latest Labor Force Survey released today.
Additionally, the employment rate increased to 95.2 percent in January 2023 from 93.6 percent in January 2022, with 4.09 million new employed persons estimated at 47.35 million from 43.27 million in January 2022.
Moreover, the labor force participation rate (LFPR) rose to 64.5 percent in January 2023, which is higher than the LFPR recorded in January 2022 and October 2022 at 60.5 percent and 64.2 percent, respectively. The underemployment rate in January 2023 was registered at 14.1 percent, which is lower than the reported rate in January 2022 and October 2022.
The services sector accounted for the highest share of employed persons with 60.7 percent of the total employed persons in January 2023, followed by the agriculture and industry sectors with 22.2 percent and 17.1 percent, respectively. The top five sectors with the highest year-on-year increase in the number of employed persons in January 2023 were wholesale and retail trade, repair of motor vehicles and motorcycles, agriculture and forestry, accommodation and food service activities, transportation and storage, and other service activities.
However, there were three sectors that exhibited a drop in the number of employed persons from January 2022 to January 2023: construction, water supply; sewerage, waste management and remediation activities, and professional, scientific and technical activities.
The youth labor force participation rate increased to 34.8 percent in January 2023 from 32.0 percent in January 2022, with an employment rate increase of 3.0 percentage points from 86.2 percent in January 2022 to 89.2 percent in January 2023.
Five regions registered unemployment rates higher than the national rate of 4.8 percent in January 2023: Region V (6.6%), CALABARZON (5.9%), National Capital Region (5.7%), Region VI (5.6%), and Caraga (5.0%). In contrast, six regions recorded LFPR higher than the national average of 64.5 percent in January 2023, with the Bangsamoro Autonomous Region in Muslim Mindanao recording the highest rate of 73.2 percent.
Additionally, the employment rate increased to 95.2 percent in January 2023 from 93.6 percent in January 2022, with 4.09 million new employed persons estimated at 47.35 million from 43.27 million in January 2022.
Moreover, the labor force participation rate (LFPR) rose to 64.5 percent in January 2023, which is higher than the LFPR recorded in January 2022 and October 2022 at 60.5 percent and 64.2 percent, respectively. The underemployment rate in January 2023 was registered at 14.1 percent, which is lower than the reported rate in January 2022 and October 2022.
The services sector accounted for the highest share of employed persons with 60.7 percent of the total employed persons in January 2023, followed by the agriculture and industry sectors with 22.2 percent and 17.1 percent, respectively. The top five sectors with the highest year-on-year increase in the number of employed persons in January 2023 were wholesale and retail trade, repair of motor vehicles and motorcycles, agriculture and forestry, accommodation and food service activities, transportation and storage, and other service activities.
However, there were three sectors that exhibited a drop in the number of employed persons from January 2022 to January 2023: construction, water supply; sewerage, waste management and remediation activities, and professional, scientific and technical activities.
The youth labor force participation rate increased to 34.8 percent in January 2023 from 32.0 percent in January 2022, with an employment rate increase of 3.0 percentage points from 86.2 percent in January 2022 to 89.2 percent in January 2023.
Five regions registered unemployment rates higher than the national rate of 4.8 percent in January 2023: Region V (6.6%), CALABARZON (5.9%), National Capital Region (5.7%), Region VI (5.6%), and Caraga (5.0%). In contrast, six regions recorded LFPR higher than the national average of 64.5 percent in January 2023, with the Bangsamoro Autonomous Region in Muslim Mindanao recording the highest rate of 73.2 percent.
Mar 9, 2023
