Philippines unemployment rate hits 5.3% in July

The unemployment rate in the Philippines surged to a three-year high of 5.3% in July, affecting 2.59 million jobless Filipinos.

This rate is an increase from 1.95 million in June and 2.38 million in July of the previous year.

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

The underemployment rate also climbed to 14.8% in July, impacting an estimated 6.8 million Filipinos seeking more work.

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