The unemployment rate in the Philippines dropped to 3.9% in May.
Manila, July 8th (Reporter Zhang Xinglong) - Data released by the Philippine National Statistics Office on the 8th shows that the country's unemployment rate in May was 3.9%, down from 4.1% in April. The number of unemployed people decreased to 2.03 million.
In May this year, the labor participation rate in the Philippines rose to 65.8%, 2.1 percentage points higher than the previous month and also higher than the 64.8% in the same period last year. The country's total labor force in May increased to 52.32 million, reaching the highest level since April 2005, indicating an increase in the activity of the labor market.
The data shows that the service industry is the industry that absorbs the most employment in the Philippines, with 31.07 million employed people in May, accounting for 61.8% of the total employment; agriculture and industry accounted for 21.1% and 17.1% respectively.