The unemployment rate in the Philippines dropped sharply to 6.9 in the September quarter of 2021 from 10 percent in the same quarter a year earlier, as the economy recovered from the COVID-19 slump. The number of unemployed persons declined by 1.49 thousand to 3.07 million, while the number of employed rose by 3.65 thousand to 41.67 million. Meanwhile, the labor force participation rate fell to 59.8 in the third quarter from 61.9 the prior year. Among employed persons, workers in the services sector made up 50.7 percent of the total, followed by those in the agriculture sector (28.3 percent) and industry (20.9 percent). source: National Statistics Office of Philippines
Unemployment Rate in Philippines averaged 8.32 percent from 1994 until 2021, reaching an all time high of 17.60 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 2021.
Unemployment Rate in Philippines is expected to be 8.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Unemployment Rate is projected to trend around 7.50 percent in 2022 and 6.50 percent in 2023, according to our econometric models.