The country’s unemployment rate in December 2023 dropped to 3.1 percent, from 4.3 percent in December 2022 and 3.6 percent in November 2023.
In terms of magnitude, the number of unemployed individuals in December 2023 was estimated at 1.60 million. This was lower than the reported number of unemployed persons in December 2022 of 2.22 million and in November 2023 of 1.83 million.
In December 2023, the employment rate increased to 96.9 percent, from 95.7 percent in December 2022 and 96.4 percent in November 2023.
In terms of levels, the number of employed persons was recorded at 50.52 million in December 2023, higher than the number of employed persons in December 2022 at 49.00 million and November 2023 at 49.64 million.
The labor force participation rate (LFPR) in December 2023 was posted at 66.6 percent, higher than the reported LFPR in December 2022 at 66.4 percent and November 2023 at 65.9 percent.
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The LFPR in December 2023 translates to 52.13 million Filipinos aged 15 years old and over who were in the labor force, or those who were either employed or unemployed. In December 2022, the number of individuals aged 15 years old and over who were in the labor force was 51.22 million, while 51.47 million were in the labor force in November 2023.
The average weekly hours worked of an employed individual in December 2023 was estimated at 40.6 hours per week, higher than 40.3 average hours per week posted in December 2022 and 40.2 hours per week in November 2023.
Underemployment rate in December 2023 was recorded at 11.9 percent, lower than recorded rate in December 2022 of 12.6 percent, but higher than the November 2023 at 11.7 percent.
In terms of magnitude, about 6.01 million of the 50.52 million employed individuals expressed the desire to have additional hours of work in their present job or to have additional job, or to have a new job with longer hours of work in December 2023.
By broad industry group, services sector continued to dominate the labor market in December 2023 in terms of number of employed persons, with a share of 57.3 percent of the 50.52 million employed persons. The agriculture and industry sectors accounted for 24.4 percent and 18.3 percent of the employed persons, respectively.
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