The unemployment rate in the Philippines jumped to 17.7 percent in the June quarter 2020 from 5.1 percent in the same quarter a year earlier. This was the highest jobless rate on record, amid ongoing coronavirus outbreak that led to an economic shutdown in the country. The number of unemployed persons surged by 4.99 thousand to a record high of 7.25 million, while the number of employed dropped by 8 thousand to 33.76 million. Meanwhile, the labor force participation rate slumped to the lowest on record of 55.6 percent. Among employed persons, workers in the services sector made up 57.1 percent of the total, followed by those in the agriculture sector (25.9 percent) and industry (17 percent).
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 July of 2020. source: National Statistics Office of Philippines
Unemployment Rate in Philippines is expected to be 9.50 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 6.50 in 12 months time. In the long-term, the Philippines Unemployment Rate is projected to trend around 5.50 percent in 2021, according to our econometric models.