70K Pinoys lost their jobs — PSA data

The number of unemployed Filipinos increased month-on-month in May 2024 as more workers in the agriculture sector lost their jobs during the month.

Data released by the Philippine Statistics Authority (PSA) on Monday showed that the country’s unemployment rate in May reached 4.1 percent, slightly higher than the 4 percent in April.

But year-on-year, the latest figure is slightly lower than the 4.3 percent unemployment rate recorded in May 2023.

The latest rate translates to 2.11 million unemployed Filipinos last May 2024, which is 70,000 more than April’s figure of 2.04 million but lower than last year’s 2.17 million jobless Pinoys in May 2023.

Data from the PSA also showed that the agriculture sector lost 1.6 million jobs during the month.

The National Economic and Development Authority (NEDA) attributed the decline “to adverse weather conditions and geopolitical issues affecting fishing activities.”

NEDA Secretary Arsenio Balisacan, in a separate statement, underscored the importance of disaster preparedness and support for workers affected by disasters and weather disturbances, particularly in agriculture.

This includes improving meteorological monitoring and forecasting capabilities and providing livelihood support programs during disasters.