PH unemployment to continue post-pandemic
Unemployment in the Philippines is expected to persist as the COVID-19 pandemic leaves a long-term effect on the country’s economy, according to the Asian Development Bank (ADB).
ADB Senior Economist James Villafuerte said that “although the unemployment rate has eased since 2020, millions of workers are still jobless and working fewer hours and taking part-time jobs.”
He added that the affected individuals are mostly young professionals, women, and low-skilled workers.
Preliminary data show that unemployment eased to 6.5% last November compared with 7.4% in October — the lowest jobless rate since the government started releasing data monthly in 2021.
Meanwhile, the International Labour Organization projects that the Philippine unemployment could hit 1.1 million this year, 10% higher than pre-pandemic levels.
The ADB official added that the digital shift in most industries could also affect job opportunities as it would require higher value-added skills. This would increase the mismatch between the expertise needed by employers and the skills of displaced workers.
Villafuerte noted that “the longer these displaced workers and new labor market entrants are unable to find a job, the more likely that they will become less employable because of lost skills.”
