Jobless rate declines to 3.1% in December

The country recorded its lowest unemployment rate in nearly two decades as more jobs were made available during the holiday season.

- LOUELLA DESIDERIO

In a press briefing, National Statistician Dennis Mapa said results of the Labor Force Survey conducted by the Philippine Statistics Authority showed the unemployment rate dropped to 3.1 percent in December last year from 3.6 percent in November 2023 and 4.3 percent in December 2022.

He said the December 2023 jobless rate is the lowest since 2005 when a new methodology for measuring unemployment was introduced.

An estimated 1.6 million Filipinos were unemployed in December last year, down from the 1.83 million in November 2023 and 2.22 million in December 2022.

The average unemployment rate for 2023 was at 4.3 percent, lower than the 5.4 percent in 2022.

Mapa said the employment rate rose to 96.9 percent in December 2023, the highest since 2005, from 96.4 percent in November 2023 and 95.7 percent in December 2022.

Employed people went up to 50.52 million in December 2023 from 49.64 million in November 2023 and 49 million in December 2022.

According to Mapa, it is usually in the fourth quarter when an increase is seen in the country’s employment rate.

“There is really seasonality and this is because, of course, during the holidays, consumption is higher and we create additional jobs,” he said.