MANILA: Philippine unemployment soared to a pandemic-era high of 5.8 per cent in January, with 2.96 million Filipinos out of work. The number went up from 2.26 million in December, the Philippine Statistics Authority (PSA) reported on Friday (March 13).
The joblessness rate also rose from the 4.4 per cent recorded in December, marking the highest level since June 2022 when it stood at 6.03 per cent.
This came as the labour force participation rate slipped to 62.3 percent, equivalent to 50.89 million Filipinos. This was 64.4 per cent or 51.69 million in December.
Measures of job quality also deteriorated. About 6.35 million employed Filipinos said they were seeking additional work or longer hours to boost their income. This was a sharp increase from 3.93 million in December.
This pushed the underemployment rate to 13.2 per cent from eight per cent.
Meanwhile, the employment rate fell to 94.2 per cent, equivalent to 47.94 million Filipinos with jobs. This came from 95.6 per cent or 49.43 million in December. - Philippine Daily Inquirer/ANN
