Unemployment, underemployment dip to 14-year low in October 2019
MANILA, Philippines – Unemployment and underemployment in October 2019 are lowest since 2005 across all quarters, National Statistician Dennis Mapa said on Thursday, November 5.
The unemployment rate in October was down to 4.5% from the 5.1% registered during the same month a year ago.
The total number of unemployed persons or those who do not have jobs declined to 2.05 million from 2.2 million.
The underemployment rate was down to 13% from the 13.3% posted last year.
While the underemployment rate was down, the actual number of underemployed or those who have jobs but are looking for more increased to 5.62 million from 5.5 million.
Mapa said unemployment was above 8%, while underemployment was around 25% in 2005.
Meanwhile, the labor force participation rate rose to 61.5% from 60.6%. The labor force population consists of employed and unemployed persons 15 years old and above.
Employment during the period rose to 95.5% from 94.9%. The total number of employed persons rose to 43.15 million from 41.33 million.
Seven regions had employment rates lower than the national estimate:
- Bangsamoro Autonomous Region in Muslim Mindanao - 93.4%
- Calabarzon - 94.2%
- Ilocos Region - 94.8%
- Bicol - 95.2%
- Central Luzon - 95.3%
- National Capital Region - 95.4%
- Caraga - 95.4%