The unemployment rate in the Philippines dropped to the lowest on record of 4.5 percent in the December quarter 2019 from 5.1 percent in the corresponding period the prior year. The number of unemployed persons fell by 0.15 thousand to 2.05 million, while the number of employed grew by 1.8 thousand to 43.15 million. Meanwhile, the labor force participation rate increased to 61.5 percent from 60.6 percent a year ago. Among employed persons, workers in the services sector made up 57.7 percent of the total, followed by those in the agriculture sector (23.5 percent) and industry (18.9 percent).
Unemployment Rate in Philippines averaged 8.24 percent from 1994 until 2019, reaching an all time high of 13.90 percent in the first quarter of 2000 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. source: National Statistics Office of Philippines
Unemployment Rate in Philippines is expected to be 4.80 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 5.20 in 12 months time. In the long-term, the Philippines Unemployment Rate is projected to trend around 5.20 percent in 2021 and 4.20 percent in 2022, according to our econometric models.