(SPOT.ph) Since March 2020, the Philippine capital as well as various urban centers all over the country have been dealing with varying degrees of quarantine restrictions as the COVID-19 continues to rage on. This led to permanent closure of businesses, layoffs, and an economic recession that no one is ever prepared for. On Tuesday, June 8, the Philippine Statistics Authority announced an increase in unemployment rate. From 7.1% in March (the lowest rate in the last 12 months), the percentage went up again to 8.7%. This translates to a total of 4.14 million unemployed individuals 15 years old and over. Underemployment rate also increased by one percent versus the previous month to 17.2% (7.45 million Filipinos); while employment rate plummeted to 91.3% (43.27 million Filpiinos) from 92.9%.
The Philippines reported its all-time low in terms of unemployment rate in April 2020, just a few weeks after community quarantine was imposed. Around this time last year, unemployment rate was at 17.6% or 7.23 million.
The Philippine Statistics Authority noted that the loss of jobs continued when NCR Plus reverted to tighter restrictions in March. In a previous report, Department of Trade and Industry Secretary Ramon Lopez said that the two-week enhanced community quarantine caused a displacement of about 1.5 million workers.
The highest unemployment rate was logged at the National Capital Region, which went from 8.8% in March to 14.4% in April. Construction, agriculture, wholesle and retail trade, repair of motor vehicles, manufacturing, and financial and insurance activities saw a significant decline in employment.
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Source: Spot PH
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