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Unemployment slows to 4.5% in October

The country’s unemployment rate slowed down to 4.5 percent in October 2022, from 5 percent in September this year, the Philippine Statistics Authority (PSA) reported yesterday.

In a press conference, PSA chief and national statistician Undersecretary Dennis Mapa said the Philippines achieved the same unemployment rate in October 2019.

October 2022 jobs data also reported the lowest unemployment rate in the country since the onset of the coronavirus disease 2019.

The number of jobless Filipinos also eased from 3.5 million in October 2021 to 2.24 million in October this year.

PSA reported that the labor force participation rate in October stood at 64.2 percent, lower than the 65.2 percent in September.

Mapa said there is a seasonal factor in the decrease in labor force participation, especially between July and October 2022 data.

He said since students were on school break in July, many of those aged 15 to 24 years joined the labor force in that month. With the school reopening, these age brackets returned to school.

Some 49.35 million Filipinos were part of the workforce in October, with around 47.11 million individuals having jobs.

“The country’s sustained recovery of the labor market backs our confidence that our policies and interventions to reinvigorate our economy are working,” Socioeconomic Planning Secretary Arsenio Balisacan said in a statement.*PNA

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