Unemployment rate spikes in Philippines

Manila : The unemployment rate in the Philippines went up to 6 per cent in May, compared to the previous month’s record of 5.7 per cent, official data revealed on Thursday. The data by Philippine Statistics Authority (PSA) showed around 2.93 million Filipinos were out of work in May, up from the 2.76 million recorded in April, while 46.08 million Filipinos were employed in May, reports Xinhua news agency. However, according to the National Economic and Development Authority, as the number of self-employed and unpaid family workers increased, the underemployment rate increased to 14.5 per cent in May, or an equivalent of 1.2 million additional underemployed. Now, the immediate challenge is the full reopening of the economy. Over the medium term, the government will focus on creating more jobs, quality jobs, and green jobs through productivity-enhancing investments,” said Socioeconomic Planning Secretary Arsenio Balisacan.