The unemployment rate in the Philippines dropped to 5.8 percent in March 2022 from 7.1 percent in the same month a year earlier, as the economy recovered from the coronavirus disruptions. The number of unemployed was at 2.88 million, down from 3.44 million in March 2021. Meanwhile, the number of employed came in at 46.98 million, up from 4533 million the year before. Among employed persons, workers in the services sector made up 57.4 percent of the total, followed by those in the agriculture sector (25.2 percent) and industry (17.4 percent). The labor force participation rate edged up to 65.4 percent, the highest since the start of the pandemic, from 65.0 in March 2021. In February, the jobless rate was at 6.4 percent. source: Philippine Statistics Authority
Unemployment Rate in Philippines averaged 8.59 percent from 1986 until 2022, reaching an all time high of 17.60 percent in June of 2020 and a record low of 4.59 percent in December 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 May of 2022.
Unemployment Rate in Philippines is expected to be 6.80 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 6.20 percent in 2023 and 6.00 percent in 2024, according to our econometric models.