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Philippines' rate of unemployment drops to 3.5% in February 2024: Labour Force Survey

Philippines' rate of unemployment drops to 3.5% in February 2024: Labour Force Survey

The number of unemployed persons aged 15 and above in February 2024 was an estimated 1.8mn, which was lower than that the previous year (Feb 2023, 2.47mn) and January of this year (2.15mn).

The Philippines Statistics Authority (PSA) released its February 2024 Labour Force Survey on 11 April 2024 and revealed that the country's unemployment rate in February 2024 dropped from 4.8% in February 2023, to 3.5%.

This is in comparison to the rate of unemployment in February 2023, which was at 4.8% and 4.5% in January 2024 respectively.

Based on the survey findings, the number of unemployed persons aged 15 and above in February 2024 was an estimated 1.8mn, which was lower than that the previous year (February 2023, 2.47mn) and January of this year (2.15mn)

The survey also recorded the rate of employment in February 2024 and the labour force participation rate (LFPR) in February 2024. 

Employment rate

In February 2024, the rate of employment rose to 96.5%, higher than in February 2023 (95.2%) and in January 2024 (95.5%).

Further, the number of employed persons registered was 48.95mn, recording higher than the number of employed individuals in February 2023 (48.80mn) and at 45.94mn persons in January 2024. 

LFPR

The LFPR in February 2024 was at 64.8%, which was lower than the recorded number of employed persons in February 2023 (66.6%), but higher than that in January 2024 of 61.1%.

The reported LFPR in February 2024 translates to 50.75mn Filipinos aged 15 and above who were in the labour force, or those who were either employed or unemployed. 

In February 2023, 51.27mn persons were aged 15 and above and were in the labour force. In January 2024, the number dropped to 48.09mn.

The survey also recorded other findings, such as the following:

  • The underemployment rate in February 2024 was 12.4% and was lower than the recorded rate in February 2023 (12.9%) and in January 2024 (13.9%).
  • Dissecting by industry, of the 48.95mn employed persons:
  1. The services sector continued as the top industry in terms of the number of employed persons (60.6%). 
  2. The agriculture and industry sectors accounted for 21.3% & 18.1% of employed persons respectively. 
  • The top five sub-sectors in terms of annual increase in the number of employed persons in February 2024 were: 
  1. Construction (470,000)
  2. Transportation & storage (444,000)
  3. Administrative & support service activities (344,000)
  4. Manufacturing (313,000)
  5. Accommodation & food services activities (210,000)
  • On the other hand, the top five sub-sectors in terms of annual decrease in the number of employed persons in February 2024 were:
  1. Agriculture & forestry (-834,000)
  2. Fishing & aquaculture (-490,000)
  3. Public administration & defence; compulsory social security (-418,000)
  4. Information & communications (-107,000)
  5. Wholesale & retail trade; repair of motor vehicles & motorcycles (-102,000)
  • Wage & salary workers continue to account for the largest share of employed persons with 62.9% of the total employed persons in February 2024.
  • Youth LFPR in February 2024 was recorded to be 33.8%, which was lower than that in February 2023 (37.1%), but higher than the youth LFPR in January 2024 (29.6%). 
  • Employment rate among youth increased from 90.9% in February 2023 to 91.4% in February 2024, and higher than in January 2024 (86.5%). 

READ MORE: Philippines' unemployment rate decreased in January 2024

Lead image / 123RF

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