Update on the Unemployment Rate in the Philippines in October 2021
UNEMPLOYMENT RATE IN THE PHILIPPINES – The Philippine Statistics Authority (PSA) gave details on the unemployment rate in October 2021.
The COVID-19 pandemic has greatly affected the economy of many countries. One of these nations hit hard by the pandemic is the Philippines. It is nearly two (2) years now since the World Health Organization (WHO) declared the pandemic that rocked healthcare systems across the globe.
In the Philippines which has the longest community quarantine measures, many businesses were not able to cope with the demands of the pandemic. The people are currently living under a “new normal” setting and quarantine measures through the alert level system remain in the whole country.
Not only small businesses but as well as some big companies in the country faced a temporary or permanent closure. Many of these businesses rely on daily profits which were affected by the protocols and the other factors affecting the business operations.
The closure of businesses and companies directly affects the unemployment rate in the country. Many people are losing their jobs everytime an office or a business is closing.
Based on a report on ABS-CBN News, in September, the Philippine Statistics Authority (PSA) registered the unemployment rate in the Philippines at 8.9%. It is equivalent to 4.25 million Filipinos who are having no work.
In October, the unemployment rate in the Philippines decreased compared to the month prior to it. According to the report, PSA recorded 7.4% which is equivalent to 3.5 million Filipinos who are jobless.
The government was not able to conduct widespread job fairs amid the pandemic as social gatherings are prohibited. While there are work opportunities offered online, not everyone has access to them. Meanwhile, there is now an ongoing job fair which is the first one to do personal applications since the pandemic started.
You may visit – DOLE Nationwide Job Fair Officially Starts
