Unemployment in Philippines

Philippines Unemployment | Economic News & Forecasts

Philippines - Unemployment

The economy shrank sharply in Q3 according to recent data, albeit at a softer rate than Q2’s record downturn. Private consumption and fixed investment continued to collapse amid a weak labor market and suppressed sentiment. Moreover, fiscal support dried up, with government spending growth slowing markedly. The external sector contributed to GDP, although this was chiefly due to a collapse in imports on depressed demand. Turning to Q4, conditions are likely still downbeat. The manufacturing PMI slipped back into contractionary territory in October on a renewed fall in new orders. Moreover, Covid-19 restrictions linger, while the country has been lashed by devastating typhoons in recent weeks, causing economic disruption and likely hurting the agricultural sector. In addition, although a USD 3.4 billion stimulus package was introduced in September, spending execution has so far been lackluster.

Philippines - Unemployment Data

2015   2016   2017   2018   2019  
Unemployment Rate6.3  5.5  5.7  5.3  5.1  

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Philippines Unemployment Chart

Philippines Unemployment
Note: Unemployment in % of active population.
Source: National Statistics Office.

Philippines Facts

Value Change Date
Bond Yield4.44-4.11 %Dec 27
Exchange Rate50.660.02 %Jan 01

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