(Eagle News) — The Philippines’ unemployment rate was at 6.4 percent in February, the same rate registered the month before, the Philippine Statistics Authority reported.
According to the PSA, this translates to 3.13 million unemployed individuals 15 years old and above.
Meanwhile, the number of employed persons increased by 2.33 million, from 43.15 million in February 2021 to 45.48 million in the same month this year.
Employment rate in February this year was at 93.6 percent, higher than the 91.2 percent reported for the same period last year, the PSA said.
According to the PSA, the sub-sectors with the highest increase in the number of employed persons from January 2022 to February 2022 were:
a. Agriculture and forestry (1.44 million);
b. Wholesale and retail trade; repair of motor vehicles and motorcycles (1.07 million);
c. Accommodation and food service activities (145 thousand);
d. Public administration and defense; compulsory social security (116 thousand); and
e. Human health and social work activities (108 thousand).
The top five sub-sectors with the largest drop in employment from January 2022 to February 2022 were:
a. Administrative and support service activities (-263 thousand)
b. Manufacturing (-235 thousand);
c. Financial and insurance activities (-57 thousand);
d. Arts, entertainment and recreation (-48 thousand); and
e. Water supply; sewerage, waste management and remediation activities
(-44 thousand).
The PSA said the Labor Force Participation Rate (LFPR) in February 2022 was estimated at 63.8 percent.
This was higher than the LFPR reported in January 2022 (60.5%) and February 2021 (63.5%).
(Eagle News Service)
