NextGen Day

In July of this year, the Philippines reported its lowest unemployment rate since April 2020, at 6.9%.

The Philippine Statistics Authority (PSA) announced on Tuesday that the unemployment rate in July 2021 was 7.7%, down from 7.7% in June 2021.

According to a joint statement released by Socioeconomic Planning Secretary Karl Kendrick Chua, Finance Secretary Carlos Dominguez III, and Budget and Management officer-in-charge Tina Rose Marie Canda, the rate of unemployed people in Metro Manila has decreased significantly from 14.4% in April 2021 to 9% in July this year.

In the same time period, the unemployment rate outside the National Capital Region (NCR) fell from 7.9% to 6.5 percent.

“Due to more relaxed quarantines, the unemployment rate dropped to its lowest level since the beginning of the epidemic, but risk aversion and cautious behavior resulted in a fall in the labor force participation rate,” the economic managers stated.

The relaxation of community quarantine limitations from modified enhanced community quarantine to variants of general community quarantine was blamed for the decreased unemployment rate in July.

However, from 65 percent in June, labor force participation dropped to 59.8% in July.

Between June and July, 3.4 million jobs were lost, according to the administration’s economic managers.

They stated that total employment fell by 800,000 from pre-pandemic levels.

The majority of individuals who quit the workforce cited worries about Covid-19 (coronavirus disease 2019) as a reason for not working at this time, according to the economic managers.

They said that the agricultural sector lost 1.8 million jobs in a month when Typhoon Fabian struck the nation in mid-July, damaging PHP700 million worth of production from Northern Luzon to Western Visayas.

In July, the percentage of underemployment reached 20.9 percent, the highest level since April 2020. From 14.2 percent in June, it has risen to 14.5 percent now.

Outside of the National Capital Region, the rate of underemployment increased to 21.8 percent, countering a 14.8 percent slowdown in Metro Manila in July.

“To allow more individuals to securely enter the labor market and make a livelihood, we will continue to enhance our healthcare capacity, expedite the vaccination campaign, and apply more targeted granular lockdowns,” the economic managers said.

Economic managers believe that granular lockdowns in Metro Manila would better target high-risk regions, reducing the spread of Covid-19 while restoring employment lost due to blanket restrictions.

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