NextGen Day

Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) stated on Wednesday that an increase in the number of people vaccinated against coronavirus disease 2019 (Covid-19) would help solve the country’s pandemic-related unemployment.

“I believe it’s extremely significant, but to me, the key here really is our vaccination turnout, and we’ve been doing pretty well lately,” he said at The Asset’s virtual event.

The country’s jobless rate rose to 8.1 percent in August, up from 6.9 percent in July.

Economic managers predicted the increase due to the introduction of tighter quarantine measures after the increase in Covid-19 cases caused by the Delta version.

However, they said that labor force participation rose to 63.6 percent in August of last year from 59.8 percent the previous month “as more individuals returned the work market.”

“While this is one reason contributing to the rise in the unemployment rate, more individuals were able to find work, resulting in a 2.6 million increase in the number of employed in August compared to July.” “This restores employment to 1.7 million over pre-pandemic levels,” they say.

The government previously encountered difficulties with Covid-19 vaccine supplies because of global demand, but officials stated the government has secured sufficient supply to vaccinate target people.

They said that over 85.575 million doses of Covid-19 vaccinations had been supplied in the country since February of last year, with over 48.9 million doses given nationally.

“We’re optimistic that by the end of the year, maybe half of the population will have been vaccinated,” Diokno added.

He said that in the National Capital Region (NCR), about 80% of the target population had been immunized.

“So far, so good. Because, in my opinion, this is the key to healing. Once a large portion of the population has been immunized, the economy will be able to open up and there will be greater trust. “There will be greater economic activity and more employment opportunities,” he said.

Authorities are hopeful about quicker increases in the country’s immunization rate since, in addition to having sufficient vaccine supplies, preregistration for minor inoculation has begun in certain local government units (LGUs).

Vaccinations for children aged 12 to 17 will begin if the national government approves.

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