Update on PH Unemployment Rate Released by PSA
PH UNEMPLOYMENT RATE – The Philippine Statistics Authority (PSA) gave an update on the unemployment rate in the country this March.
The Philippines is facing problems over unemployment for several years now. In fact, a lot of college graduates are left with no choice but to work in other fields that are different from their profession to be able to put food on the table.
Furthermore, many Filipinos also opted to go abroad to find better opportunities. A lot of overseas Filipino workers (OFWs) attest that they earn better and are able to give their families a comfortable life when they are abroad.
However, amid the problems of unemployment in the Philippines, the COVID-19 crisis led to more loss of jobs in the country last year. Several companies were left with no choice but to close as they were not able to withstand the impacts of the pandemic.
Meanwhile, the Philippines is now in the pursuit of recovering from the crisis caused by the COVID-19 pandemic. Based on a recent update from the Philippine Statistics Authority (PSA), the PH unemployment rate decreased in March.
Based on a report on ABS-CBN News, the PH unemployment rate fell to 5.8% in March from the 6.4% percent unemployment rate in February. From the equivalent of 3.13 million jobless Filipinos in February, there is an equivalent of 2.87 million jobless Filipinos in March.
Compared to the data in March 2021, it is a whole lot better as there were 7.1% or 3.44 million jobless Filipinos then. However, with regards to the underemployment rate, it rose from 14% in February to 15.8% in March. They are equivalent to 6.38 million underemployed Filipinos in February and 7.42 million underemployed Pinoys in March.
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