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The country’s latest employment data showed improvements in the labor market, marking new historic lows since the Philippines adopted the definitions set by the International Labor Organization (ILO) in 2005, according to the National Economic and Development Authority (Neda).
On Tuesday, the Philippine Statistics Authority (PSA) disclosed that the number of unemployed Filipinos declined to 1.83 million, or an unemployment rate of 3.6 percent.
This is now the lowest unemployment rate recorded by the PSA since April 2005, when the new methodology from the ILO was adopted.
In April 2005, the new unemployment definition, based on ILO standards, was adopted per National Statistical Coordination Board (NSCB) Resolution Number 15 dated October 20, 2004. The NSCB is one of four agencies that now make up the PSA.
Based on this, the unemployed include all persons who are 15 years and over as of their last birthday and are reported as without work and currently available for work and seeking work or without work and currently available for work but not seeking work due to various reasons.
These reasons include tired/believed no work available; awaiting results of previous job application; temporary illness/disability; bad weather; and waiting for rehire/job recall.
Meanwhile, PSA data showed the country’s underemployment rate dropped to 11.7 percent in November 2023, from 14.4 percent in November 2022. In October 2023, the underemployment rate was also at 11.7 percent.
The country’s employment rate in November 2023 increased to 96.4 percent, from 95.8 percent in November 2022 and in October 2023.
The labor force participation rate (LFPR) in November 2023 was registered at 65.9 percent, lower than the reported LFPR in November 2022 at 67.5 percent, but higher than the reported LFPR in October 2023 at 63.9 percent.
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