Jobless rate drops to 6.5%

MANILA, Philippines - Joblessness in the country declined in October compared to the same month a year ago with more individuals finding work, the National Statistics Office (NSO) reported.

The Labor Force Survey released by the NSO yesterday showed that the unemployment rate was estimated at 6.5 percent in October, down slightly from 6.8 percent in the same month last year.

The NSO noted that the number of jobless Filipinos fell to  2.602 million this year from 2.763 million a year ago.

“Among the regions, the NCR (National Capital Region) continued to have the highest unemployment rate,” the NSO said.

The jobless rate in the region was estimated at 10.2 percent in October compared to the 11 percent in the same month last year.

The statistics agency also noted that majority or 64.4 percent of those without jobs were males.

In terms of educational attainment, 21.4 percent of the unemployed were college graduates, 13.9 percent were college undergraduates, and 33.5 percent were high school graduates.

Of the estimated 63.109 million population of those aged 15 years and over in October, the NSO said 37.733 million individuals were employed, up from the 37.670 million in the previous year.

Of the total employed persons, most or 53.4 percent were in the services sector.

Those in the agriculture sector comprised the second largest group, with its 31.4- percent share, while the balance or 15.2 percent was accounted for by the industry sector.

The number of underemployed Filipinos in October meanwhile, was estimated at 6.773 million, lower than the 7.160 million last year.

By sector, about 45.2 percent of underemployed worked in the agriculture sector while 39.6 percent were in the services sector.

Those in the industry sector accounted for 15.2 percent.