Philippines: Unemployment rate rises in May

July 8, 2024_ The unemployment rate in the Philippines rose to 4.1% in May, the Philippine Statistics Authority (PSA) reported. This represents the highest level in four months, compared to 4% in April, but is still lower than the 4.3% in May 2023. The underemployment rate increased to 9.9% from 14.6% in previous month, with 4.82 million Filipinos seeking additional work or longer hours. Labor force participation grew to 64.8% from 64.1% in April. The Philippine Star reported that the occupancy rate fell to 95.9 percent, the lowest level since January. The Philippine Statistics Authority pointed out that these data reflect an increase in labor market participation.