Over 7.3 million jobs lost in the Philippines due to COVID-19

The shutdown of businesses to help curb the outbreak of the pandemic has led to the country's highest-ever unemployment rate.
By: | June 8, 2020
Topics: Asia-Pacific | Job Cuts | News | Philippines

Over 7.3 million jobs were lost in the Philippines as its unemployment rate hits a record high of 17.7% due to the COVID-19 pandemic, according to Philippine Statistics Authority (PSA).

“This is a record high in the unemployment rate, reflecting the effects of COVID-19 economic shutdown to the Philippines labour market,” PSA Head Claire Dennis Mapa said in a virtual media briefing on June 5.

“In terms of the magnitude, the number of unemployed persons increased by 5 million from 2.3 million in April 2019 to 7.3 million in April 2020,” Mapa added.

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Manila and the rest of the main island of Luzon have been placed on a lockdown by President Rodrigo Duterte to help curb to spread of the virus.

And with Luzon accounting for 56% of the Philippines’ population and contributing 73% to the country’s GDP, the economy and millions of jobs have been badly affected.

The unemployment rate in January 2020 was 5.3% while in April 2019, it was recorded at 5.1%.