Philippine unemployment rate hits 5.3% in July, highest in nearly three years

The unemployment rate in the Philippines surged to 5.3% in July, marking the highest level in nearly three years.

This increase represents 2.59 million jobless Filipinos, a rise from 1.95 million in June and 2.38 million in July of the previous year.

The employment rate declined to 94.7% in July, with the number of employed individuals decreasing to 46.05 million.

The underemployment rate also rose to 14.8% in July, affecting an estimated 6.8 million Filipinos seeking additional work or jobs.

The July unemployment rate of 5.3% is the highest since June 2022's 6%, and also matches August 2022's rate.

National Statistician Claire Dennis S. Mapa attributed the rise in joblessness to the impact of four typhoons and the southwest monsoon on the agricultural sector.