Philippine Unemployment Rises to 4.9 Percent in June

The Philippine Statistics Authority reported that the national unemployment rate rose to 4.9 percent in June, marking a three-month high. The labor force expanded to 53.25 million people, but job creation did not keep pace with the influx of new workers, specifically those aged 15 to 24. Total unemployed persons are estimated at 2.59 million.

While the services sector remains the largest employer at 62.7 percent, other industries saw significant losses. Employment in fishing and aquaculture dropped by 467,000 and construction declined by 139,000. Chinabank Research attributed these losses to high diesel and material costs.

To address these economic pressures, the government announced an increase in the fuel subsidy for public utility vehicle drivers from P10 to P12 per liter, effective August 15. Additional proposed relief measures include tax exemptions for micro and small enterprises and raising the income tax-exempt threshold to P350,000 to increase consumer purchasing power.