Despite the epidemic, the NEDA head claims that 2.2 million additional jobs have been generated
According to Socioeconomic Planning Secretary Karl Kendrick Chua, the number of jobs in the nation has increased by 2.2 million since the outbreak.
Chua claimed the nation created more employment during the coronavirus disease 2019 (Covid-19) crisis via risk management and execution of granular lockdowns, in an interview with PTV following the State of the Nation Address (SONA) Monday evening.
Chua, who is also the director-general of the National Economic and Development Authority, stated, “Today, we have 2.2 million more employment than we had before Covid happened” (NEDA).
According to the Labor Force Survey (LFS) of the Philippine Statistics Authority (PSA), there were 42.5 million Filipinos working in January 2020.
Total employed Filipinos were 44.72 million in May 2021, up 5% or 2.22 million from January 2020, according to the latest LFS.
“We accomplished the lowest ever poverty rate, underemployment rate (those who are employed but wish to earn more money), and unemployment rate. As a result, by 2020, people’s living circumstances had substantially improved,” Chua added.
However, owing to lockdowns that began in March 2020, most companies were forced to shut, and several entrepreneurs were forced to liquidate their enterprises and lay off employees as a result of the pandemic’s difficulties.
In May 2021, there were 3.73 million unemployed Filipinos, according to PSA.
“What we’ve seen in recent quarters is that as long as we can manage risk by identifying the greatest risk and implementing lockdowns or limitations, we can safely open the remainder of the economy so that employees may return,” the NEDA head said.
Chua believes that by stepping up efforts to combat Covid-19 and enacting and executing important economic reform laws, the nation would be able to return to pre-pandemic levels by next year, attracting more investments and creating more employment for Filipinos.
He also emphasized the need for a quicker nationwide deployment of the Covid-19 immunization program.
“We have a fund set aside to combat Covid. There is money for vaccinations, there is a recovery, and we approved and implemented the CREATE (Corporate Recovery and Tax Incentives for Enterprises) legislation, as well as the FIST (Financial Institutions Strategic Transfer) bill, which are measures that will help us recover. So we’ll put them in place,” Chua said.