PH unemployment rate hits 8.8%

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The country’s unemployment rate hit 8.8 percent in February as about 234,000 more Filipinos joined the ranks of those without jobs with the coronavirus disease 2019 (Covid-19) continuing to batter the Philippine economy, according to the Philippine Statistics Authority (PSA).

 

National Statistician Claire Dennis Mapa said that based on the results of the latest Labor Force Survey (LFS), a total of 4.2 million Filipinos have no jobs, which is higher than the 4.0 million recorded in January this year. The unemployment rate was for January was 8.7 percent of January.

 

Before the Covid-19 pandemic, the country’s unemployment rate was between 5 and 6 percent.

 

Meanwhile, the Labor Force Participation Rate (LFPR) during the month was at 63.5 percent, accounting for 47.3 million Filipinos 15 years and over who were part of the labor force, which is up from the 60.5 percent LFPR in January.

Mapa said the impact of the ongoing enhanced community quarantine (ECQ) on the unemployment rate will be reflected in the PSA’s survey for April.

“Starting this February 2021, the monthly LFS will be conducted in between the regular LFS in order to come up with high frequency data on labor and employment as a basis for policy-making and planning, especially those related to the Covid-19,” said Mapa.

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