Programs that support the labor market will be crucial in the years ahead as the Philippines emerges from the pandemic. Photo: ADB
MANILA, Philippines — The Philippine Statistics Authority (PSA) reported on Friday that the unemployment rate for November dropped to 2.18 million jobless Filipinos and reached its lowest since April 2005.
From January to November 2022, the average unemployment rate was 5.5%, a significant decrease from 10.4% in 2020 and 7.8% in 2021 in the first two years of the pandemic.
The most recent unemployment rate decreased significantly from 2.24 million the month before and a national unemployment rate of 4.2%, which is lower than the rate of 4.5% in October.
With an unemployment rate of 5.1% in 2019, National Statistician Dennis Mapa claims that the Philippines is close to recovering to pre-pandemic levels. He credited the increased economic activity over the Christmas season and a jump in labor force participation to 67.5% as the causes of the unemployment rate's steady decline.
According to PSA statistics, the services industry continues to dominate the labor market, followed by the manufacturing and agricultural sectors.
The biggest job growth in November was seen in the following industries:
- Wholesale and retail trade, auto and motorcycle repair (941,00)
- Accommodation and food service activities (381,000)
- Agriculture and forestry (247,000)
- Public administration and defense compulsory social security (203,000)
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