What is the unemployment in the Philippines?
The latest unemployment rate is higher than the 7.1% recorded in March 2021, which was equivalent to 3.4 million jobless Filipinos. The underemployment rate or the percentage of the working population looking for more hours of work stood at 17.2% in April, equivalent to 7.45 million individuals.
What is the employment Rate in the Philippines?
Employment Rate in Philippines averaged 91.35 percent from 1991 until 2021, reaching an all time high of 95.46 percent in the fourth quarter of 2019 and a record low of 82.32 percent in the second quarter of 2020.
Why is unemployment a serious problem in the Philippines?
Unemployment and underemployment are the Philippines’ most important problems and the key indicators of the weaknesses of the economy. … The social costs of this mass unemployment range from income losses to severe social and psychological problems resulting from not having a job and feeling insecure about the future.
How much of the Philippines is rich?
In 2020, the Philippines had nearly 14 thousand millionaires. It was projected that in 2025, the number of high net worth individuals in the country will reach approximately 19 thousand.
Is unemployment an issue in the Philippines?
The unemployment rate went down to 7.1% in March 2021, translating into some 3.44 million Filipinos with no jobs, the Philippine Statistics Authority (PSA) said on Thursday, May 6. … There were 45.33 million Filipinos with work during the period, translating into an employment rate of 92.9%.
How is unemployment a problem?
The unemployment in any nation have the following effects on the economy: The problem of unemployment gives rise to the problem of poverty. The government suffers extra borrowing burden because unemployment causes a decrease in the production and less consumption of goods and services by the people.
What is the most common job in the Philippines?
Here is a lists of the Top 10 Most Applied jobs here in the Philippines.
- Technical Support Staff. …
- Call Center Agents. …
- Customer Service Assistants. …
- Information Technology Specialists. …
- Production and factory workers. …
- Salesladies. …
- Sales Clerks. …
- Construction Laborers abroad.