Philippines' jobless rate may hit double digits amid recession

Philippines' chief economist Karl Kendrick T. Chua expects the country's unemployment rate to hit double digits this year due to the ongoing recession.

Chua stated that the economy is likely experiencing a recession, defined as two consecutive quarters of economic contraction, with GDP contracting by 0.2% in Q1 and expected to shrink further in Q2 due to extended COVID-19 lockdowns.

The official unemployment rate data will be released on June 5 by the Philippine Statistics Authority (PSA), which reported a decline to 5.1% in 2019, its lowest level since 2005.