PH economic recovery continues, says BSP
The Philippines’ economy continues to face challenges but improvement in the unemployment rate promises recovery, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno.
In a Viber message to journalists, Diokno highlighted that the results of the July 2021 Labor Force Survey have shown signs of economic recovery, with a record-low unemployment rate since the pandemic hit.
Last Tuesday, the Philippine Statistics Authority (PSA) has reported that unemployment in the country decreased to 6.9% in July from 7.7% in the previous month.
However, the labor force participation rate also declined to 59.8% in July from June’s 65%, resulting in a net job loss of 3.4 million.
The underemployment rate also rose to 20.9% in July from the previous month’s 14.2%, primarily due to an increase in the underemployment rates in areas outside the capital region.
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