Unemployment rate rises to 4.1% in May; agri job losses increase

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

Data released by the Philippine Statistics Authority on Monday showed that the country's unemployment rate in May reached 4.1 percent, slightly higher than the 4 percent print 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.

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.

On the other hand, the country's underemployment rate reached 9.9 percent in May, down from 14.6 percent in April and 11.7 percent in May 2023.

The underemployment rate translates to 4.82 million out of the 48.87 million employed Filipinos who sought additional working hours or to have additional jobs last May.

There is also a decline in the number of Filipinos working part-time (1.7 million) and in vulnerable employment (763,000) compared to the previous year.

Employment rate

The country's employment rate in May reached 95.9 percent— an increase from 95.7 percent in May of the previous year, but a slight decrease from 96.0 percent in April 2024.

NEDA credited the rise in employment to growth in the industry sector, which added 1.2 million jobs, and the services sector, which saw an increase of 982,000 jobs.

There was also an increase in middle-skilled employment by 2.0 million, wage and salaried employment by 1.5 million (including 1.3 million in private establishments), and full-time jobs by 2.8 million.

The construction and manufacturing subsectors also experienced notable growth, contributing 745,000 and 347,000 jobs, respectively, driven by the execution of various flagship programs and projects under the Marcos administration.

“We must persist in our efforts to boost investments and implement key technological and innovative reforms to enhance productivity and create more high-quality employment opportunities,” Balisacan said.