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.