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MANILA, Philippines – About 3.8 million Filipinos aged 15 and over are unemployed as of October this year, according to the Philippine Statistics Authority (PSA).
PSA said this equates to an unemployment rate of 8.7 percent in October, which is slightly lower than the 10 percent recorded in July and 17.6 percent in April this year.
However, it is still higher than the 4.6 percent unemployment rate recorded in October 2019.
Meanwhile, the workforce participation rate (LFPR) in October 2020 was 58.7 percent, or 43.6 million Filipinos reported as employed or unemployed.
“This is the second lowest LFPR reported in the history of the Philippine labor market after the record low of 55.7 percent reported in April 2020,” PSA said in its report released Thursday.
In October 2019, the LFPR was recorded at 61.4 percent or 44.6 million Filipinos.
Meanwhile, the employment rate in October this year was reported at 91.3 percent, or equivalent to about 39.8 million Filipinos employed out of the 43.6 million who were in the workforce.
PSA said this employment rate was the highest since April 2020. In October 2019, the employment rate was estimated at 95.4 percent or 42.5 million people employed.
/ MUF
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