The Philippine Statistics Authority (PSA) reported today that the unemployment rate remained at 4.0% in April 2024. This is a positive sign for the country's labor market, as it represents a decrease from the 4.5% unemployment rate recorded in both April 2023 and January 2024.
Key Highlights:
- Unemployment Rate: 4.0% (unchanged from March 2024)
- Number of Unemployed: 2.04 million (lower than April 2023 and January 2024)
- Employment Rate: 96.0% (increased from April 2023 and January 2024)
- Number of Employed: 48.36 million (higher than April 2023 and January 2024)
- Labor Force Participation Rate: 64.1% (lower than April 2023)
Positive Indicators:
- The number of unemployed Filipinos decreased compared to April 2023 and January 2024.
- The employment rate and the number of employed individuals increased.
- Several industries, such as accommodation and food service, construction, and transportation, saw significant growth in employment.
Challenges Remain:
- The underemployment rate rose to 14.6% in April 2024, indicating a continued desire for more work hours among employed Filipinos.
- The youth unemployment rate remained high, with a decrease in youth labor force participation.
Table A-1. Key Labor and Employment Indicators
2019f-April 2024p
Philippines | Labor Force Participation Rate (%) | Employment Rate (%) | Underemployment Rate (%) | Unemployment Rate (%) |
2019f | 61.3 | 94.9 | 13.8 | 5.1 |
2020f | 59.5 | 89.7 | 16.2 | 10.3 |
2021f | 63.3 | 92.2 | 15.9 | 7.8 |
2022f | 64.7 | 94.6 | 14.2 | 5.4 |
2023p | 64.9 | 95.7 | 12.3 | 4.3 |
Januaryf | 64.5 | 95.2 | 14.1 | 4.8 |
Februaryf | 66.6 | 95.2 | 12.9 | 4.8 |
Marchf | 66.0 | 95.3 | 11.2 | 4.7 |
Aprilf | 65.1 | 95.5 | 12.9 | 4.5 |
Mayp | 65.3 | 95.7 | 11.7 | 4.3 |
Junep | 66.1 | 95.5 | 12.0 | 4.5 |
Julyp | 60.1 | 95.2 | 15.9 | 4.8 |
Augustp | 64.7 | 95.6 | 11.7 | 4.4 |
Septemberp | 64.1 | 95.5 | 10.7 | 4.5 |
Octoberp | 63.9 | 95.8 | 11.7 | 4.2 |
Novemberp | 65.9 | 96.4 | 11.7 | 3.6 |
Decemberp | 66.6 | 96.9 | 11.9 | 3.1 |
2024p | 63.8 | 96.0 | 12.9 | 4.0 |
Januaryp | 61.1 | 95.5 | 13.9 | 4.5 |
Februaryp | 64.8 | 96.5 | 12.4 | 3.5 |
Marchp | 65.3 | 96.1 | 11.0 | 3.9 |
Aprilp | 64.1 | 96.0 | 14.6 | 4.0 |
Overall, the latest PSA report suggests a stable labor market in the Philippines. However, challenges regarding underemployment and youth employment persist.