Philippines Unemployment Rate Down to 6.8 Percent in October


The proportion of the unemployed persons to the labor force was estimated at 2.8 million, which translated an unemployment rate of 6.8 percent.Employment Rate is estimated at 93.2 Percent in October 2012, results from the October 2012 Labor Force Survey (LFS) show.

The October 2012 Labor Force Survey (LFS) results recorded an estimate of 37.7 million employed persons, which gives an employment rate of 93.2 percent. Last year’s employment rate was estimated at 93.6 percent. Across regions, Cagayan Valley reported the highest employment rate of 97.6 percent, next is Zamboanga Peninsula with 96.6 percent. National Capital Region (NCR) posted the lowest employment rate of 89.0 percent.

The total population 15 years old and over in October 2012 was estimated at 63.3 million. Out of this estimate, 40.4 million persons were in the labor force. This figure translates to a labor force participation rate (LFPR) of 63.9 percent.  The LFPR in October 2011 was 66.3 percent.  Among regions, the highest LFPR was posted in Northern Mindanao at 68.5 percent, while the lowest was reported in Autonomous Region in Muslim Mindanao (ARMM) at 57.9 percent.
 
Out of the estimated 37.7 million employed persons in October 2012, workers belonging to the services sector comprised the largest proportion with 52.6 percent of the total employed persons. Of the employed persons in the services sector, those engaged in wholesale and retail trade; repair of motor vehicles and motorcycles accounted for the highest percentage (18.7 percent of the total employed).
 
The unemployment rate was slightly higher than last year’s unemployment rate of 6.4 percent. NCR registered the highest unemployment rate at 11.0 percent whereas Cagayan Valley recorded the lowest at 2.4 percent. Among the unemployed persons, there were more males (62.1 percent) than females (37.9 percent). Most (48.5 percent) of the unemployed persons belong to age group 15 to 24 years.

Philippines National Statistics Office | Andre Crujo | andre@tradingeconomics.com
12/21/2012 11:51:19 AM