(Eagle News) — The employment rate in the country was pegged at 95.7% in May, a 0.2 percent increase from the employment rate reported the month before.
According to the Philippine Statistics Authority, the 95.7% translates to 48.26 million people employed.
The Labor Force Participation Rate (LFPR) was registered at 65.3 percent in May, also higher than the reported LFPR in April 2023, at 65.1%.
The top five sub-sectors with the highest year-on-year increase in the number of employed persons were the following:
a. Agriculture and forestry (1.25 million);
b. Accommodation and food service activities (398,000);
c. Other service activities (365,000);
d. Fishing and aquaculture (351,000); and
e. Arts, entertainment, and recreation (305,000).
Meanwhile, the top five sectors that showed a drop in the number of employed persons from May 2022 to May 2023 were:
a. Wholesale and retail trade; repair of motor vehicles and motorcycles (-781,000);
b. Construction (-274,000);
c. Manufacturing (-253,000);
d. Water supply; sewerage, waste management and remediation activities (-78,000);
e. Information and communication (-51,000)
The underemployment rate was reported at 11.7 percent, translating to 5.66 million individuals, according to PSA data.