PHILIPPINES: The unemployment rate in the Philippines reported an increase, standing at 5.3% in August 2022, Philippine Statistics Authority said.
The number of unemployed individuals in August rose to 2.68 million from 2.60 million in July, registering a month-on-month increase of about 800,000 people.
Despite the increase, the unemployment rate in August performed better than the same period last year when 1.2 million individuals were unemployed.
The year-on-year unemployment rate however shows that this number has been on the up in the Philippines. As of August, an estimated 47.87 million are unemployed, compared to 44.23 million last year. In July 2022, 47.39 million were unemployed.
This means the unemployment rate in August stood at 94.7%, up from 91 .9% last year.
“We are seeing economic activities now that we no longer have restrictions, and others are getting the chance to be employed”, said PSA chief and national statistician Undersecretary Dennis Mapa.