Photo credit: NEDA

In May 2024, the Philippines reported an employment rate of 95.9 percent, reflecting a slight increase from 95.7 percent in May 2023, though marginally down from 96.0 percent in April 2024.

The number of employed individuals reached 48.87 million in May 2024, surpassing both the 48.26 million in May 2023 and the 48.36 million in April 2024. The unemployment rate decreased to 4.1 percent in May 2024, down from 4.3 percent a year earlier but slightly higher than the 4.0 percent reported in April 2024.

This translated to an estimated 2.11 million unemployed persons in May 2024, fewer than the 2.17 million in May 2023 but more than the 2.04 million in April 2024. The labor force participation rate (LFPR) in May 2024 was 64.8 percent, a decrease from 65.3 percent in May 2023 but an increase from 64.1 percent in April 2024. Consequently, 50.97 million Filipinos aged 15 years and over were active in the labor force in May 2024, compared to 50.43 million in May 2023 and 50.40 million in April 2024.

Average weekly working hours in May 2024 rose to 40.6 hours, up from 39.3 hours in May 2023 and 40.5 hours in April 2024. The underemployment rate also declined to 9.9 percent in May 2024, from 11.7 percent in May 2023 and 14.6 percent in April 2024, indicating that 4.82 million of the 48.87 million employed individuals sought more working hours or additional jobs.

The services sector dominated employment, accounting for 60.1 percent of the total employed, followed by agriculture (20.8 percent) and industry (19.1 percent). Significant annual employment increases were observed in construction, administrative and support services, manufacturing, transportation and storage, and public administration and defense. Conversely, substantial decreases occurred in agriculture and forestry, fishing and aquaculture, arts, entertainment and recreation, real estate activities, and professional, scientific, and technical activities.

Monthly changes showed notable employment gains in agriculture and forestry, construction, public administration and defense, education, and manufacturing, while accommodation and food services, fishing and aquaculture, administrative and support services, professional, scientific, and technical activities, and other service activities experienced declines.

Wage and salary workers continued to represent the largest share of employed persons at 63.0 percent, with private establishments employing the majority of these workers. The youth labor force participation rate fell to 32.2 percent in May 2024, from 33.8 percent in May 2023, with the youth employment rate also dropping to 88.8 percent from 89.4 percent in the previous year.