Unemployment rate up to 29% in Q3 - survey

Posted at 11/15/2012 12:12 PM | Updated as of 11/15/2012 12:12 PM

MANILA, Philippines - Unemployment rate went up in the third quarter after falling in the previous three months, BusinessWorld reported on Wednesday.

A Social Weather Stations report showed the rate climbing to 29% in an August survey from 26.6% in May. The rate previously hit a record high of 34.4% in March.

This is a lot higher than the government's official unemployment figure pegged at 7% as of July or some 2.8 million Filipinos.

Jobless Filipinos in the third quarter comprised largely of those who had resigned (12%) or lost their jobs (13%), BusinessWorld said.

First time job seekers, meanwhile, made up only 5% of the unemployed.

The survey also showed unemployment increased among woman to 42.5% from 36.4% in the previous quarter, while joblessness among men grew to 19.3% from 18.9%.

Moreover, 33% of those surveyed said they expect more jobs in the next 12 months, while 37% foresee no change in job prospects.

SWS defines unemployment as adults at least 18 years old without a job and are looking for one. Those who are not looking for work such as housewives or retired are excluded.