Unemployment rate to hit double digits amid PH recession

The unemployment rate in the Philippines is projected to reach double digits, its highest in 15 years, due to the ongoing economic recession.

Neda chief Karl Kendrick T. Chua confirmed that the country is experiencing a recession, defined as two consecutive quarters of economic contraction.

The first quarter saw a 0.2 percent contraction in Gross Domestic Product (GDP), with the second quarter expected to show a more significant decline due to the extended COVID-19 lockdown.

The last time the unemployment rate was this high was in April 2005, when it stood at 8.4 percent, according to National Statistician Claire Dennis S. Mapa.

Official employment data from the April labor force survey will be released by the Philippine Statistics Authority on June 5.

Chua mentioned that the government has implemented dole outs and wage subsidies to mitigate job losses caused by the pandemic.