The latest figures from the Philippine Statistics Authority (PSA) paint a mixed picture for the country’s labor market in March 2024.
While the unemployment rate saw a slight uptick to 3.9 percent, it remained lower than the same period last year, indicating a resilient workforce despite challenges.
Here are the key highlights from the March 2024 Labor Force Survey:
Unemployment Rate
In March 2024, the unemployment rate stood at 3.9 percent, a marginal increase from the previous month’s record of 3.5 percent, but still lower than the same period in 2023 at 4.7 percent.
Despite the uptick, the number of unemployed persons decreased to 2.00 million, reflecting a positive trend compared to March 2023.
Employment Rate
The employment rate in March 2024 was 96.1 percent, although slightly lower than the previous month’s estimate.
The number of employed individuals rose to 49.15 million, higher than the number of employed persons in March 2023 at 48.58 million and February 2024 at 48.95 million, according to PSA.
The Labor Force Participation Rate (LFPR) was 65.3 percent, indicating a slight decrease from the previous year. In February, 2024, this was estimated at 64.8 percent.
Underemployment
The underemployment rate decreased to 11.0 percent, suggesting improvements in job quality and stability for workers.
However, 5.39 million individuals expressed a desire for additional work hours or better job opportunities.
Industry Trends
The services sector remained the largest employer with a share of 61.4 percent of the total 49.15 million employed individuals. The agriculture and industry sectors followed, accounting for 20.5 percent and 18.1 percent of the labor market, respectively.
Notable increases in employment were seen in sectors like wholesale and retail trade, manufacturing, and public administration. Conversely, agriculture, fishing, and accommodation sectors saw declines in employment.
Types of Employment
Wage and salary workers constituted the majority of employed persons (64.2 percent), with private establishments employing the largest share (77.9 percent). The public sector including state-owned corporations covered 14.8 percent.
Self-employed individuals without paid employees (27.0 percent) and unpaid family workers also contributed significantly to the workforce (6.8 percent).
Youth Employment
Youth employment rate improved to 91.3 percent, indicating increased opportunities for young workers.
However, youth underemployment saw a slight increase at 10.9 percent in March 2024 from 9.6 percent last year, highlighting the need for better quality employment options.