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  • Writer's pictureZiggurat Realestatecorp

The Philippines’ unemployment rate is steady at 6% in June 2022

Highlights of the June 2022 Labor Force Survey

a. The country’s employment rate in June 2022 remained the same as the 94.0 percent employment rate reported a month ago. This was higher than the employment rate of 92.3 percent registered in the same period of 2021.

b. In terms of magnitude, 46.59 million Filipinos who are 15 years old and over were employed in June 2022. This was higher by 508 thousand compared to the 46.08 million employed in May 2022.

c. Unemployment rate in June 2022 also remained unchanged at 6.0 percent compared to May 2022. This translates to 2.99 million unemployed Filipinos out of 49.58 million who were in the labor force in June 2022. The June 2022 unemployment rate was lower than the registered rate in June 2021 at 7.7 percent.

d. The labor force participation rate (LFPR) in June 2022 was registered at 64.8 percent or about 49.58 million Filipinos who were either employed or unemployed. This was lower than the LFPR reported in the same period in 2021 at 65.1 percent. On the other hand, the June 2022 LFPR was higher than the LFPR reported in January (60.5%), February (63.8%) and April (63.4%) and May (64.0%) but lower than the LFPR reported in March (65.4%) this year.

e. The average weekly hours worked by an employed person in June 2022 was estimated at 40.3 hours per week, higher than the mean hours worked obtained in May 2022 (39.8 hours) and in June 2021 (39.0 hours).

f. Underemployment rate in June 2022 was down to 12.6 percent, from 14.5 percent in May 2022. This translates to a decrease of 780 thousand underemployed person from 6.67 million in May 2022 to 5.89 million in June 2022.

Visible underemployment rate or the proportion of underemployed persons working less than 40 hours in a week was estimated at 8.5 percent in June 2022, lower than the registered rate in May 2022 and June 2021 both at 9.8 percent.

On the other hand, invisible underemployment rate or the proportion of underemployed persons working at least 40 hours in a week was placed at 4.2 percent in June 2022. This estimate was lower compared to the reported invisible underemployment rate of 4.4 percent in the same period last year.

g. Among men and women, the LFPR in June 2022 was higher among men (76.3%) than women (53.2%). Employment rate for men was higher at 94.6 percent compared to 93.1 percent for women. In terms of unemployment rate, men had lower unemployment rate at 5.4 percent compared to their women counterpart at 6.9 percent. On contrary, men had higher underemployment rate at 14.1 percent while women had 10.5 percent.

h. By broad industry group, the services sector remained as the dominant employment hub absorbing 56.5 percent of the total employed persons in June 2022. The agriculture and the industry sectors accounted for 24.5 percent and 19.0 percent of the employed persons, respectively.

Month-on-month, largest increases in the number of employed persons from May to June 2022 were noted in some subsectors with the following as the top five subsectors:

a. Agriculture and forestry (1.26 million); b. Public administration and defense; compulsory social security (164 thousand); c. Education (141 thousand); d. Mining and quarrying (138 thousand); and e. Other service activities (132 thousand).

In contrast, the top five subsectors in terms of decreases in employment were noted in the following:

a. Wholesale and retail trade, repair of motor vehicles and motorcycles (-1.22 million); b. Manufacturing (-101 thousand); c. Accommodation and food service activities (-91 thousand); d. Transportation and storage (-90 thousand); and e. Financial and Insurance activities (-55 thousand).

i. Youth LFPR in June 2022 decreased to 35.9 percent, from 36.2 percent in the previous month. On the other hand, youth employment rate increased to 88.2 percent in June 2022, from 87.9 percent in May of the same year. Underemployed youth decreased from 745 thousand in May 2022 to 653 thousand in June 2022. The number of underemployed youth in June 2022 out of the 6.37 million employed youth resulted to a 10.3 percent underemployment rate during the period. Youth unemployment rate also dropped to 11.8 percent, from 12.1 percent in May 2022.

Source: PSA

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