Thursday, September 3, 2020

Jobless Rate Drops, As the Economy Re-opens

Unemployment rate in the Philippines drops down as the local economy slowly re-opens in the midst of the pandemic.

As from the data of the Philippine Statistics Authority (PSA) Filipino’s jobless rate is at 10 percent in July. This is an improvement compared to the last record which was 17.7 percent, after the longest lockdown.

PSA reported that unemployed Filipinos now is 4.6 million which is a big reduction to 7.3 million in April. The economy hardly experienced recession this year. We had to do lockdown measures to prevent the contamination of the virus which led the country’s economy to recession and caused the loss of jobs of million Filipinos.

Labor Secretary Silvestre said that in the coming months, improvements could be expected. The Prevent, Detect, Isolate, Treat, and Recover (PDTIR) is the implementation strategy of the government. They hope that with these measures businesses can now re-open and workers or laborers can go back to work to support their families.

Silvestre also said, “The significant progress in the labor market situation is the result of the government’s commitment in containing the COVID pandemic and its impact through the strict imposition of the minimum health standards, provisions of safety-net and income support programs to our workers and the gradual opening the economy.”

While Bello said, that they will continue to provide and sustain the social protection programs for the affected workers.

He added, “We are hopeful that the economy recovers into a better normal and would have the capacity to absorb displace, re-entrants and new entrants to the labor market.”

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