Labor market most improved in two decades - PSA

Metro Manila, Philippines - The jobless and underemployment rate in 2024 were the lowest since the government updated survey definitions in nearly two decades, the Philippine Statistics Authority (PSA) said.

The unemployment rate in December was 3.1 percent from November’s 3.2 percent — equivalent to 1.63 million Filipinos without work during the holiday season, National Statistician Dennis Mapa reported Thursday, Feb. 6.

The full-year unemployment rate settled at 3.8 percent from 4.4 percent in 2023.

Mapa said the 2024 figure was the lowest since 2005, when the PSA series began after definition updates, as well as for the figure for those seeking more working hours or jobs.

From November’s 10.8 percent, the underemployment rate in December was 10.9 percent, translating to 5.48 million workers.

Full-year underemployment was at 11.9 percent or around 5.8 million, lower than 12.3 percent or 5.9 million in 2023.

Mapa said preliminary data showed there were 48.85 million employed Filipinos in 2024, 39.4 million in 2020, 43.99 million in 2021, 46.89 million in 2022, and 48.18 million in 2023 — suggesting an upward trend.

“There is evidence if we look at 2021, 2022, and 2023 na mataas ‘yong increase doon sa [that there was a high increase in] employed persons compared to growth rate of population,” Mapa said.

The PSA said there were 50.19 million employed people in December, with six in 10 working in the service sector.

The transportation and storage sector posted the largest increase in December year-on-year.

“Karamihan dito ay doon sa passenger transport by road, sa tingin ko ito ay effect ng holiday season kasi ang malaki dito ‘yong airport shuttles at taxi cabs,” Mapa said.

[Translation: Most of these were under “passenger transport by road,” which, I think, was an effect of the holiday season as we saw large increases in airport shuttles and taxi cabs.]

Agriculture and forestry — particularly growing of paddy rice, engaged planting, transplanting activities, and hog farming — posted the largest drop year-on-year in the aftermath of successive storms in October to November, also reflecting the sector’s low value of production.

Month-on-month, the agriculture and forestry industry had the largest increase in workers due to “adjustments” after the series of typhoons, Mapa said, while the biggest decline was in wholesale and retail trade.