MANILA (Philippine Daily Inquirer/Asia News Network): The country’s unemployment rate rose 6 per cent in May, the Philippine Statistics Authority (PSA) reported Thursday (July 7).
The 6-percent unemployment rate is higher compared to the 5.7 per cent recorded in April.
However, the May unemployment rate is lower compared to the 7.7 per cent recorded in the same month last year.
“The country’s unemployment rate dropped to 6.0 per cent in May 2022, from 7.7 per cent in May 2021. However, it posted a 0.3 percentage point month-on-month increase from 5.7 per cent in April 2022,” the PSA said in a statement.
From 2.76 million in April, the number of unemployed people swelled to 2.93 million in May, the PSA said. In May 2021, there were 3.74 million unemployed individuals.
According to the PSA, 94 per cent or 94 in every 100 people in the labour force have a job or business in May, lower than the 94.3 per cent in April.
This means that “46.08 million out of 49.01 million Filipinos in the labour force 15 years old and over were employed in May 2022.”
The services sector, the PSA said, dominated the labour market with 59 percent of the employed population. The agriculture and industry sectors followed with 22 per cent and 19 per cent, respectively.
Meanwhile, 14.5 per cent or 6.67 million of the employed population are underemployed, the PSA noted.
