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  • Writer's pictureZiggurat Realestatecorp

Unemployment rate rises to 6% in May 2022

Employment rate was estimated at 94.0 percent in May 2022 or 94 in every 100 persons in the labor force had a job or business in May 2022. This was higher than the 92.3 percent employment rate reported a year ago but lower than the employment rate of 94.3 percent in April 2022.

In terms of magnitude, 46.08 million out of 49.01 million Filipinos in the labor force 15 years old and over were employed in May 2022, posting an increase of 1.37 million from the 44.72 million employed persons in May 2021.

The country’s unemployment rate dropped to 6.0 percent in May 2022, from 7.7 percent in May 2021. However, it posted a 0.3 percentage point month-on-month increase from 5.7 percent in April 2022.

The number of unemployed persons in May 2022 was estimated at 2.93 million compared to 3.74 million in the same period last year. In April 2022, the number of unemployed persons was reported at 2.76 million.

Labor Force Participation Rate (LFPR) was registered at 64.0 percent in May 2022, an estimate lower than the 64.6 percent LFPR in May last year but higher than the 63.4 percent LFPR reported in April 2022.

There were 49.01 million out of the 76.53 million persons 15 years old and over in the labor force in May 2022. In comparison, there were 48.46 million out of the 75.04 million persons 15 years old and over were in the labor force in May 2021.

Underemployment rate in May 2022 was placed at 14.5 percent, higher than the estimated 12.3 percent underemployment rate in the same month a year ago. In April 2022, this was estimated at 14.0 percent. Of the 46.08 million employed persons in May 2022, 6.67 million were underemployed. Underemployed persons are those who expressed the desire to have additional hours of work in their present job or to have an additional job or to have a new job with longer hours of work.

Source: PSA

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