The unemployment rate in the Philippines decreased to 4.7 percent in March 2023 from 5.8 percent in the same month a year earlier, as the economy recovered further from pandemic disruptions. The number of unemployed persons was 2.42 million, down 0.46 million from 2.88 million in March 2022. Meanwhile, the number of employed increased by 1.61 million to 48.58 million compared to the same period last year. The services sector accounted for the largest share of employment (59.0 percent), followed by the agriculture sector (23.5 percent) and the industry sector (17.5 percent). Meanwhile, labor force participation climbed to 66.0 percent from 65.4 percent in March 2022. source: Philippine Statistics Authority
Unemployment Rate in Philippines averaged 8.33 percent from 1986 until 2023, reaching an all time high of 17.60 percent in June of 2020 and a record low of 4.20 percent in November of 2022. 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 June of 2023.
Unemployment Rate in Philippines is expected to be 4.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Unemployment Rate is projected to trend around 6.00 percent in 2024 and 5.00 percent in 2025, according to our econometric models.