The Philippines’ unemployment rate rose to 8.9% in September 2021, even as the government somewhat eased restrictions despite surging COVID-19 cases. This is the highest unemployment rate for 2021, so far, or since the Philippine Statistics Authority (PSA) began releasing monthly labor force data.
How is the unemployment rate in the Philippines?
The Philippine Statistics Authority reported today that the country’s unemployment rate decreased from 7.4 percent in October to 6.5 percent in November, the lowest since the start of the COVID-19 pandemic.
Is the unemployment rate in the Philippines high?
Unemployment Rate in Philippines averaged 8.63 percent from 1986 until 2021, reaching an all time high of 17.60 percent in June of 2020 and a record low of 4.59 percent in December of 2019.
Is unemployment a problem in the Philippines?
Unemployment and underemployment are the Philippines’ most important problems and the key indicators of the weaknesses of the economy. Today, around 4 million workers (about 12% of the labor force) are unemployed and another 5 million (around 17% of those employed) are underemployed.
How many Filipino are unemployed?
MANILA, Philippines — The unemployment rate in the country slightly increased to 6.6 percent—or 3.27 million Filipinos—in December 2021, the Philippine Statistics Authority (PSA) reported Thursday.
What is the main cause of unemployment in the Philippines?
Causes of Unemployment in the Philippines
Unemployment in the Philippines is attributed to reasons including overpopulation, oversupply of labour force on certain industries and the inability to take on available jobs.
How can the Philippines solve unemployment in 2021?
Possible solutions to Unemployment in the Philippines
- Reducing Occupational Immobility. Labour resources are usually occupationally immobile because it takes time for people to gain the sufficient skills that are necessary for working in a certain industry. …
- Employment Subsidies. …
- Sustained Economic Growth.
What is Philippines inflation rate?
As reported by the Philippine Statistics Authority (PSA) today, the headline inflation rate eased to 3.6 percent in December from 4.2 percent in November 2021. The decline was primarily driven by slower food inflation, which decreased to 3.2 percent in December from 4.1 percent in the previous month.
Is the unemployment rate in the Philippines increasing or decreasing?
In 2019, the unemployment rate in the Philippines was at approximately 2.24 percent and on a steady downward trend from 3.6 percent in 2014.
Philippines: Unemployment rate from 1999 to 2020.
How many are wealthy in the Philippines 2020?
In 2020, the Philippines had nearly 14 thousand millionaires. It was projected that in 2025, the number of high net worth individuals in the country will reach approximately 19 thousand.
How much is unemployment in the Philippines in 2021?
There is an estimated 3.9 million unemployed Filipinos in January 2021, which translates to an unemployment rate of 8.7% based on the Labor Force Survey Report of the Philippine Statistics Authority.
What country has highest unemployment rate?
In 2017, Burkina Faso had the highest unemployment rate in the world, at 77 percent. This means that for every 100 members of the workforce, 77 did not have jobs at the time of the survey.