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Philippines' jobless rate eases as economy reopens from lockdown

Published 09/03/2020, 02:17 PM
Updated 09/03/2020, 02:20 PM
© Reuters.

MANILA, Sept 3 (Reuters) - The Philippines' unemployment
rate dropped in July from a record-high three months ago, the
statistics agency said on Thursday, as the economy gradually
reopened after strict coronavirus lockdowns.
The Philippines, which before the pandemic was one of Asia's
fastest growing economies, is facing the twin challenges of
surging infections and tepid consumption and investment.
The 10% unemployment rate in July, equivalent to 4.6 million
jobless people, was nearly double the 5.4% in the same period
last year but lower than the record 17.7% in April. The relaxation in June of the country's lockdown, one of the
world's longest and strictest, allowed more businesses to resume
operations and generate jobs, but some economic centres were
still suffering double-digit unemployment rates, national
statistician Claire Dennis Mapa told a news conference.
The unemployment rate is seen easing further to 6%-8% next
year with the gradual reopening of the economy, Karl Chua,
acting secretary of the socioeconomic planning agency, told
reporters.
Philippine President Rodrigo Duterte on Monday kept partial
restrictions in and around the capital until the end of
September to stem a rise in infections. "The lockdowns have protected millions of Filipinos from
COVID-19 but at a significant cost to the economy and
employment," Finance assistant secretary Antonio Lambino told a
separate news conference.
The improvement in jobs data kindles hopes for an economic
rebound, said Nicholas Mapa, ING's senior economist in Manila.

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