Unemployment Eases As Economy Reopens From The Lockdown
The lockdown has brought the unemployment rate on a record-high three months ago (July) according to the Philippine Statistics Authority (PSA). Now, as the economy gradually reopens after the lockdowns to curb the spread of COVID-19, the unemployment rate has also slowly eased up.
Before the pandemic, the Philippines was one of Asia’s fastest-growing economies. Now, we’re facing twin challenges of surging infections and tepid consumption and investment.
In July this year, the unemployment rate was at 10% which is equivalent to 4.6 million people with no jobs. It’s almost twice the number of unemployed in the same period as last year which was only 5.4%.,
The country’s lockdown was one of the world’s longest and strictest, and its relaxation in June allowed more businesses to resume operations and generate jobs. Despite this, some economic centers are still suffering the brunt of the lockdown with double-digital unemployment rates according to National Statistician Claire Dennis Mapa.
Acting Secretary of Socioeconomic Planning Agency, Karl Chua, forecasted that the unemployment rate will be seen easing further to just 6% to 8% next year with the gradual reopening of the economy.
Currently, President Rodrigo Duterte kept partial restrictions in and around Metro Manila until the end of September to further bring down the rise of COVID-19 infections in the country.