Unemployment rate in January 2023 in Bicol Region was estimated at 6.6 percent, translating to 159 thousand unemployed Filipinos. This estimated rate is lower than the unemployment rate reported in the same month in 2022 at 7.8 percent.

The region's employment rate was registered at 93.4 percent in January 2023, an increase from the 92.2 percent in January 2022. In terms of magnitude, employed persons increased by 75 thousand in January 2023 estimated at 2.27 million from 2.20 million in January 2022. However, the number of employed persons in January 2023 was lower than the reported 2.29 million employed persons in October 2022.

The labor force participation rate (LFPR) increased to 59.1 percent in January 2023, equivalent to 2.43 million Filipinos in the labor force. The reported LFPR in January 2023 was higher than the reported LFPR in January 2022 and in October 2022 at 58.4 percent and 58.7 percent, respectively.

The number of underemployed persons or the employed persons who expressed the desire to have additional hours of work in their present job or to have additional job, or to have a new job with longer hours of work was registered at 618 thousand, translating to an underemployment rate of 27.2 percent in January 2023. This was higher than the reported rate in January 2022 (22.6%) and in October 2022 (23.2%).