30/12/2023
Employment Rate in October 2023 was Estimated at 95.8 Percent. In October 2023, the country's unemployment rate was posted at 4.2 percent, which was lower compared with the 4.5 percent unemployment rate in October last year and 4.8 percent rate recorded in July 2023
The number of Filipinos without jobs or livelihoods went down in October as the increase in economic activities at the onset of the holiday season provided job opportunities during the period, results of the Philippine Statistics Authority’s (PSA) latest Labor Force Survey showed.
At a press conference on Thursday, National Statistician and PSA chief Claire Dennis Mapa reported that the number of unemployed persons ages 15 and above decreased to 2.09 million from 2.26 million in September
This translates to an employment rate of 95.8%, up from the 95.5% in September and October last year. This is also the highest employment rate since April 2005.
Moreover, labor force participation saw an increase from 49.3 million year-on-year, translating to a labor force participation rate of 63.9%.
Mapa said the increase in employed persons and the consequent decline in unemployment was due to the increase in economic activities, especially during the “ber” months leading to Christmas and New Year holidays.
