Philippine unemployment rate rose slightly at 4.3% in Dec 2022

Manila: The unemployment rate in the Philippines reached 4.3 per cent in December 2022, 0.1 percentage point higher than the performance in November but the second lowest since April 2005, new data revealed on Wednesday.

According to the data from the Philippine Statistics Authority (PSA), the number of unemployed Filipinos rose to 2.22 million in December, reports Xinhua news agency.

Boosted by the full resumption of commercial activities, pent-up demand, and holiday spending, top employment contributors in December include wholesale and retail trade, other service activities, and accommodation and food service activities.

Addressing reporters here, PSA head Dennis Mapa said the unemployment rate has declined to the pre-pandemic levels since July 2022 after jumping to 17.6 per cent in April 2020 when the government had imposed lockdowns to curb the spread of Covid-19.

As the economy further reopened, the National Economic and Development Authority said the corresponding expansion in the services and industry sectors resulted in an additional 2.7 million employed persons year-on-year, bringing total employment to 49 million Filipinos.