The unemployment rate in the Philippines surged to 8.7 percent in the December quarter of 2020 from 4.5 percent in the same quarter a year earlier, amid the economic downturn caused by the coronavirus crisis. The number of unemployed persons surged by 1.77 thousand to 3.81 million, while the number of employed dropped by 2.70 thousand to 39.84 million. Meanwhile, the labor force participation rate was down to 58.7 in the fourth quarter from 61.4 the prior year. Among employed persons, workers in the services sector made up 57.2 percent of the total, followed by those in the agriculture sector (24.5 percent) and industry (18.3 percent). source: National Statistics Office of Philippines
Unemployment Rate in Philippines averaged 8.31 percent from 1994 until 2020, reaching an all time high of 17.70 percent in the second quarter of 2020 and a record low of 4.50 percent in the fourth quarter of 2019. This page provides - Philippines Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.
Unemployment Rate in Philippines is expected to be 9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Philippines to stand at 7.00 in 12 months time. In the long-term, the Philippines Unemployment Rate is projected to trend around 6.50 percent in 2021 and 5.50 percent in 2022, according to our econometric models.