The unemployment rate in the Philippines has seen a notable decrease, dropping to 4.3% in January compared to 4.5% during the same month the previous year, as unveiled by the Philippine Statistics Authority. This improvement signifies a positive trend in the country's employment landscape, suggesting robust economic recovery and job creation efforts in place. In January, the number of unemployed individuals reached approximately 2.2 million.
Similarly, the employment rate demonstrated a commendable rise to 95.7%, up from 95.5% a year earlier. The total number of individuals holding jobs has surged to around 48.5 million, illustrating an encouraging uptick in employment levels. Moreover, the underemployment rate has also seen a decline, now standing at 13.3%, down from the previous year's 13.7%.
This reduction indicates that fewer people are seeking additional hours of work or looking for longer work engagements, totaling about 6.47 million individuals. Furthermore, the labor force participation rate has climbed to 63.9%, a significant increase from 61.1% a year prior. Currently, an estimated 50.7 million people aged 15 and older are actively involved in the labor force, showcasing a strengthening participation in economic activities across the nation.
This data reflects a promising direction for the Philippine job market, with potential implications for future growth and stability..