MANILA – The Philippines recorded its lowest unemployment rate since April 2020 at 6.9 percent in July this year. The Philippine Statistics Authority (PSA) reported Tuesday that July 2021’s unemployment rate declined from 7.7 percent in June 2021.
Does Philippines have high unemployment rate?
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.
Why is unemployment so high 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.
What is the unemployment rate in Philippines 2021?
MANILA, Philippines — The unemployment rate in the country rose to 8.9 percent—equivalent to 4.25 million Filipinos—in September 2021, the highest since January this year, the Philippine Statistics Authority (PSA) reported Thursday.
What is the unemployment rate in Philippines?
Unemployment Rate in September 2021 is Estimated at 8.9 Percent | Philippine Statistics Authority.
What is the unemployment rate in the Philippines today?
Unemployment Rate in September 2021 is Estimated at 8.9 Percent. The country’s unemployed persons picked up from 3.88 million in August 2021 to 4.25 million resulting to an unemployment rate of 8.9 percent…. Read more about Unemployment Rate in September 2021 is Estimated at 8.9 Percent.
How can we lessen the unemployment in the Philippines?
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.
How does unemployment affect all Filipinos?
Unemployment can result in debt and poverty, and the government has to take care of these people, hence welfare spending would also increase at the same time. In cases where unemployment is very high, there would be a budget deficit, due to a combination of the two, loss of tax revenue and increased welfare spending.
Why unemployment is a problem?
The cost of the higher unemployment is lost wages and incomes to workers and their families, a further widening of inequalities, an inhospitable environment for welfare reform and the social costs of greater crime and worsened health.
Does unemployment affect the economy?
Unemployment can have adverse effects on the economy and on the well-being and life satisfaction of those who are out of work.
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.
Which country has the highest unemployment rate 2021?
Here are the 10 countries with the highest rates of unemployment: Burkina Faso (77.00%) Syria (50.00%) Senegal (48.00%)
Unemployment by Country 2021.
|Country||Unemployment Rate||2021 Population|