The Philippine labor force shrank in October as fewer people were working or actively looking for jobs, with the Labor Force Participation Rate dropping to 63.6 percent from 64.5 percent in September. Despite the slight improvement from 63.3 percent a year earlier, the smaller labor pool coincided with a rise in unemployment.
Data from the Philippine Statistics Authority showed that the jobless rate climbed to 5.0 percent, the highest in three months. The increase placed unemployment above the 3.8 percent and 3.9 percent recorded in the same period last year and just below July’s peak of 5.3 percent.
A total of 2.54 million Filipinos were reported unemployed in October. This figure was significantly higher than the 1.96 million recorded a month earlier and the 1.97 million posted in October last year, indicating a tightening job market heading into the fourth quarter.
Underemployment also grew. The PSA logged 12.0 percent of employed Filipinos seeking additional hours or an extra job, up from 11.1 percent in September. This translated to 5.81 million workers who wanted more or better-paying work, though the rate remained lower than last year’s 12.6 percent.
Employment numbers dropped as well. The agency recorded 48.62 million employed individuals in October, resulting in a 95.0 percent employment rate, lower than 96.2 percent the month before and 96.1 percent in the same period last year.
