Philippines jobless rate hits four-year peak amid economic slowdown

The Philippines' labour market has deteriorated significantly, with the unemployment rate reaching its highest point since 2019 as the Southeast Asian economy grapples with slowing growth. The surge reflects broader economic headwinds affecting the region's third-largest economy.

Metro Manila, home to the country's financial and commercial centres, has been hit especially hard. The capital region recorded a jobless rate of 8.2 per cent, underscoring the vulnerability of the nation's core economic zone to current economic pressures.

The deteriorating employment picture comes as the Philippines navigates weakening domestic demand and external economic uncertainties. The climbing jobless figures signal strain in a labour market that had shown resilience in previous years, raising concerns about household incomes and consumer spending capacity.

Economic analysts have attributed the employment weakness to moderating growth in key sectors and reduced business hiring amid uncertain economic conditions. The situation poses challenges for policymakers seeking to sustain the employment gains of recent years while supporting broader economic recovery.