The Philippine Statistics Authority (PSA) reported on Wednesday, August 7, that the number of unemployed Filipinos decreased to 1.62 million in June.
This reduced the unemployment rate to 3.1%, down from 4.1% in May, when the unemployed population was 2.11 million.
National Statistician Dennis Mapa highlighted that the June unemployment rate is among the lowest recorded since 2005.
He attributed the significant job growth to the expansion in construction, noting, “We saw an additional 938,000 jobs in building construction alone, marking the most substantial year-on-year increase in employment.”
The PSA also noted the decline in employment within public administration and defense, education, and transportation sectors last month. The employment rate stood at 96.9%, with 50.28 million individuals employed. Additionally, the labor force participation rate rose from 64.8% to 66%.
However, the underemployment rate climbed back to 12.1% from May’s 9.9%, indicating 6.08 million Filipinos are seeking additional work to meet their needs, an increase from 4.82 million in May.
Mapa explained, “Not everyone secured full-time jobs, which contributed to the rise in underemployed individuals.”
