PSA reports record-high unemployment rate of 17.7%

Philippine Statistics Authority reported a record-high unemployment rate of 17.7% in April, equivalent to 7.3 million unemployed Filipinos.

BSP Governor Benjamin Diokno said the high joblessness was state-induced due to lockdown measures imposed to combat COVID-19 and not reflective of the true economic condition.

The survey was conducted during peak quarantine restrictions when many businesses were closed.

Diokno expects a recovery in the job market as containment measures are relaxed, with the next labor force survey set for July 20 to August 15.