Photo credit: DMW

In the latest Labor Force Survey conducted in March 2024, the employment rate in the Philippines soared to 96.1 percent, indicating a robust labor market despite global economic challenges. The survey, released by the Philippine Statistics Authority, provided insights into various facets of the country's labor force dynamics.

The unemployment rate in March 2024 stood at 3.9 percent, marking a decline from the previous year's 4.7 percent. However, it saw a slight increase from February 2024's estimate of 3.5 percent. The number of unemployed persons aged 15 and over decreased to 2.00 million, down from 2.42 million recorded in March 2023.

On the other hand, the number of employed individuals increased to 49.15 million, reflecting a positive trend in job creation compared to the previous year. The services sector remained the largest employer, constituting 61.4 percent of the employed workforce, followed by agriculture and industry sectors.

Despite the high employment rate, underemployment persisted at 11.0 percent in March 2024, albeit showing a decline from the previous year. Around 5.39 million individuals expressed the desire for additional work hours or better job opportunities.

The survey also shed light on the distribution of employment types, with wage and salary workers comprising the majority at 64.2 percent. Private establishments continued to employ the highest share of wage and salary workers, indicating the resilience of the private sector in driving employment growth.

Youth employment witnessed a positive trend, with the employment rate reaching 91.3 percent in March 2024. However, youth underemployment, although lower than the previous year, remained a concern at 10.9 percent.

While the labor force participation rate saw a slight decline to 65.3 percent, the average weekly hours worked per employed individual increased to 40.7 hours, reflecting the dynamism of the workforce.