The number of unemployed Filipinos reached 2.24 million in October this year, slightly lower than the 2.5 million in September, data from the Philippine Statistics Authority said Wednesday.

PSA's latest Labor Force Survey results showed that the country's unemployment rate hit 4.5 percent in October from five percent unemployed Filipinos in September.

The numbers translate to a decline of 1.26 million from the 3.5 million unemployed reported in October 2021, and lower by 256 thousand compared to the 2.50 million unemployed in September 2022.

The figures showed that the unemployment rate for October was lower than the 7.4 percent or 3.50 million recorded during the same period last year.

However, the underemployment rate — those requiring more employment or longer hours —increased to 14.2 percent in October (6.67 million Filipinos).

This was lower than the reported rate in October 2021 (16.1 percent) and in September 2022 (15.4 percent).

The country's average unemployment rate from January to October stood at 5.6 percent, close to the pre-pandemic 2019 total of 5.1 percent.

Employment rate up

PSA added that the country's employment rate increased to 95.5 percent in October, equivalent to 47.11 million, which is lower by 285,000 compared to 94.8 percent or 47.39 million in July.

This month's rate translates to an employment level of 47.1 million in October 2022, 3.3 million higher than in the same period last year, and up from 43.82 million in the same period last year.

"The estimated employment rate this October 2022 was the highest rate recorded since January 2020 and registered to have bounced back to the pre-pandemic levels," PSA Undersecretary and National Statistician Claire Dennis Mapa said in a press briefing.

Mapa said the primary industry with the largest increase in employment was the transportation and storage sector. Completing the top five were the manufacturing, education, administrative and support service activities, and construction industries.

The agriculture and forestry sector shed the most jobs; followed by human health and social work activities; and water supply sewerage, waste management, and remediation activities.

Mapa added that the drop in unemployed and employed persons during the period was due to "seasonal factors" as seen in the decline in labor force participation during the October survey round compared to the previous quarter's survey round in July.

Senator Grace Poe welcomed the latest labor force survey, saying it is encouraging news.

While she noted that the country's unemployment rate fell back to pre-pandemic levels, she warned that the government should not be complacent.

"We are headed in the right direction but we need to remain vigilant. Global growth is expected to slow down next year and it will impact our exports and job prospects for our overseas workers," she said.

Social protection

She is optimistic that the recently-ratified budget for 2023 will be properly implemented to stave off the threats.

Under the proposed P5.268-trillion budget for next year, Congress allocated billions of funds for social protection.

Nearly P200 billion was allocated for the implementation of the Department of Social Welfare and Development's Pantawid Pamilyang Pilipino Program.

Likewise, the fuel subsidies under the Department of Transportation amounting to P3 billion will also be continued for affected sectors such as taxis, tricycles, and TNVS owners and operators.

Financial assistance or subsidies amounting to P1 billion for farmers and fisherfolks under the Fuel Assistance Program of the Department of Agriculture is also retained.

Meanwhile, the country's employment rate continued to pick up in October this year under the stewardship of the Marcos administration, posting the highest rate record since January 2020, Malacañang said on Wednesday.

Press Undersecretary Cheloy Garafil, in a media statement, if translated to real numbers, the total employed Filipinos in October was pegged at 47.11 million.

This is higher than 43.82 million in the same period last year.

The October 2022 employment number is a little lower compared to September 2022 which saw 47.58 million employed individuals.