Employment Rate Rises in May 2024

The country’s employment rate in May 2024 reached 95.9%, higher than May 2023’s 95.7% and just below April 2024’s 96.0%, according to the Philippines Statistics Authority (PSA).

The number of employed individuals rose to 48.87 million in May 2024, up from 48.26 million in May 2023 and 48.36 million in April 2024.

On the contrary, the unemployment rate in May 2024 decreased to 4.1% from 4.3% in May 2023 but was slightly higher than April 2024’s 4.0%.

There were 2.11 million unemployed persons in May 2024, a decrease from 2.17 million in May 2023 but an increase from 2.04 million in April 2024.

The Labor Force Participation Rate (LFPR) in May 2024 was 64.8%, lower than May 2023’s 65.3% but higher than April 2024’s 64.1%. This translates to 50.97 million Filipinos aged 15 and above being part of the labor force, compared to 50.43 million in May 2023 and 50.40 million in April 2024.

Average Weekly Hours Worked

Employed individuals worked an average of 40.6 hours per week in May 2024, up from 39.3 hours in May 2023 and 40.5 hours in April 2024.

Meanwhile, the underemployment rate in May 2024 decreased to 9.9% from 11.7% in May 2023 and 14.6% in April 2024. This means 4.82 million of the 48.87 million employed individuals sought additional work hours or a new job with longer hours.

Employment by Industry

The services sector employed 60.1% of the 48.87 million employed individuals, with the agriculture and industry sectors accounting for 20.8% and 19.1%, respectively.

Employment Type

Wage and salary workers comprised 63.0% of employed persons, followed by self-employed individuals without any paid employees at 27.9%, unpaid family workers at 7.3%, and employers in family-operated businesses at 1.7%.

Among wage and salary workers, 77.3% were in private establishments, and 15.3% in government or government-controlled corporations.

Youth Labor Force Participation and Employment

The youth labor force participation rate decreased to 32.2% in May 2024 from 33.8% in May 2023. The youth employment rate also dropped to 88.8% from 89.4% in May 2023. (ASC)