FX.co ★ Philippines Jobless Rate Highest Since Mid 2022

The unemployment rate in the Philippines rose to 5.8% in January 2026, its highest level since June 2022, up sharply from 4.4% in December. The number of unemployed increased to 2.96 million—an over four-year high—from 2.26 million in the previous month and 2.17 million in January 2025.

Total employment declined to 47.94 million, compared with 49.43 million in December and 48.49 million a year earlier. By major sector, services remained the largest employer, accounting for 63.6% of total employment, followed by industry at 18.3% and agriculture at 18.1%.

Within the services sector, the subsectors with the highest employment were: wholesale and retail trade; repair of motor vehicles and motorcycles; agriculture and forestry; and construction. Meanwhile, the labor force participation rate slipped to 62.3%, down from 64.4% in December and 63.9% in January 2025.