The unemployment rate in the Philippines jumped to 10.0 percent in the September quarter 2020 from 5.4 percent in the same quarter a year earlier, amid the economic downturn caused by the coronavirus crisis. The number of unemployed persons surged by 2.13 thousand to 4.57 million, while the number of employed dropped by 1.21 thousand to 41.31 million. Meanwhile, the labor force participation rate eased to 61.9 in the third quarter from 62.1 the prior year. Among employed persons, workers in the services sector made up 48.2 percent of the total, followed by those in the agriculture sector (32.5 percent) and industry (19.3 percent).
Unemployment Rate in Philippines averaged 8.31 percent from 1994 until 2020, reaching an all time high of 17.70 percent in the second quarter of 2020 and a record low of 4.50 percent in the fourth quarter of 2019. This page provides - Philippines Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: National Statistics Office of Philippines
Unemployment Rate in Philippines is expected to be 11.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Philippines to stand at 6.50 in 12 months time. In the long-term, the Philippines Unemployment Rate is projected to trend around 5.50 percent in 2021, according to our econometric models.