Preliminary results of the latest Labor Force Survey (LFS) conducted by the Philippine Statistics Authority (PSA) showed the unemployment rate at 5% in October, a rise from 4.7% recorded in the same month last year. This was equivalent to 2.19 million Filipinos, up from 2.04 million a year earlier.
Meanwhile, the underemployment rate – proportion of those who are looking for additional jobs or more hours of work – fell to 15.9% from 18.0%.
The size of the labor force, which is the population Filipinos 15 years and older, was estimated at 70.4 million. Labor force participation rate eased at 62.1% from 63.6%.
The country’s employment rate – proportion of the employed to the total labor force – slightly dropped to 95% from 95.3% recorded in the same month last year.
By industry, employment rate in the service sector, which has the largest share in the employed population, expanded to 57% from 54.6%. However, the agriculture sector which is the second largest, saw reduction in the number of workers to 25.0% from 28.3%. The portion of the industry sector went up to 18.1% from 17.1%. — Arianne Kristel R. Pelagio