The number of unemployed and underemployed Filipinos decreased in February with the start of classes and the harvest season, the Philippine Statistics Authority (PSA) said on Thursday.

Based on the latest results of the Labor Force Survey (LFS), the number of jobless Filipinos declined in February to 1.8 million from 2.15 million in January.

In a press briefing, PSA chief and National Statistician Claire Dennis Mapa said it was the second-lowest unemployment rate in the country since April 2005.

In April 2005, there were 2.9 million unemployed Filipinos, but this number dropped to 1.6 million in December 2023.

“The country’s unemployment rate in February 2024 dropped to 3.5 percent, from 4.8 percent in February of the previous year and 4.5 percent in January 2024,” Mapa said.

Underemployment down

The underemployment rate dropped to 12.4 percent in February, lower than the 13.94 percent rate in January and the 12.9 percent rate in February last year.

Of the 48.95 million people who had jobs in February 2024, around 6.08 million wanted to work more hours at their current job, at another job, or at a new job that would allow them to work longer hours.

This was lower than the 6.39 million recorded in January and the 6.29 million noted in February 2023.

“On average, employed persons worked 40.1 hours per week, which was higher than the average hours worked in a week in February 2023 at 39.5 hours but lower than the reported average hours worked in a week in January 2024 at 42.1 hours,” Mapa said.

Article 83 of the Labor Code states that employees’ usual work hours are 40 hours per week or eight hours per day.

On the other hand, Article 87 of the Labor Code says that employees shall be paid for overtime work at a rate not less than their regular wage plus at least 25 percent.

Meanwhile, the proportion of wage and salaried employment, middle-skilled occupations, and full-time work increased.