Underemployment rate goes down to 12.6%, but unemployment is slightly up to 4.3%.
MANILA, Philippines – The quality of jobs in the Philippines marginally improved amid the holiday rush, but the country’s unemployment rate increased slightly in December from the previous month, latest figures from the Philippine Statistics Authority showed.
On the plus side, the Philippines’ underemployment rate in December 2022 slid to 12.6% from 14.4% in November. The latest figure is also lower than the 14.7% posted in December 2021. However, compared to a year ago, unemployment fell to 4.3% in December 2022 from 6.6%, which translates to 1.1 million fewer unemployed compared to December 2021.economy’s reopening“As the economy further reopened, 1.7 million more Filipinos joined the labor force, raising the labor force participation rate to 66.4 percent from 65.1 percent in the previous year. The corresponding expansion in the services and industry sectors resulted in an additional 2.
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