Philippine jobless rate surges to four-year high as growth slows
The Philippines' unemployment rate has reached a four-year high of 6% as economic growth slows and inflation rises. The government is struggling to absorb new graduates into the labor market amid a climate of business pessimism.
Why it matters
High youth unemployment and economic stagnation pose significant risks to the stability and development of emerging Southeast Asian economies.
MANILA: Philippine jobless rate climbed to the highest in four years as fresh graduates sought work in an economy that slowed due to a corruption scandal and the global oil shock.
July unemployment rate stood at 6%, the statistics agency reported on Tuesday (Sept 8). That matches the rate in June 2022, when the economy was recovering from the coronavirus pandemic. The capital region of Metro Manila logged the highest jobless rate of 8.2%, partly due to the influx of new graduates.
More than 3.7 million people joined the labour market from a year ago and not all of them were absorbed by employers, National Statistician Dennis Mapa told a briefing. More than a million of them were aged 15-24 years, who transitioned from schooling, he said.
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