Unemployment in Philippines
Philippines - UnemploymentGDP contracted for the first time since 1998 in the first quarter, hit by disruptions from the Taal Volcano eruption in January, the Covid-19 pandemic and subsequent lockdown put in place in March. Moreover, the economy is expected to have worsened further at the start of the second quarter due to the lockdown and a sudden downturn in the global economy. The manufacturing PMI hit a new record low in April on plummeting production, new orders and exports, while tourism plunged over 50% in Januaryâ€“April. In addition, the government stated in May that around 42,000 overseas Filipino workers are set to return in May and June, joining the over 27,000 who have already returned as economic fallout from Covid-19 disrupts jobs overseas. The migration will likely see remittancesâ€”an economic lifeline for the countryâ€”plunge in the second quarter and possibly beyond.
Philippines - Unemployment Data
5 years of economic forecasts for more than 30 economic indicators.
Philippines Unemployment Chart
Source: National Statistics Office.
|Bond Yield||4.44||-4.11 %||Dec 27|
|Exchange Rate||50.66||0.02 %||Jan 01|
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May 15, 2020
Cash remittances from Overseas Filipino Workers (OFW) grew 2.5% year-on-year in February, totaling USD 2.4 billion.
May 7, 2020
The economy dipped in the first quarter as disruptions from the Taal Volcano eruption in January, the Covid-19 pandemic and subsequent lockdown put in place in March combined to hammer activity.
May 6, 2020
Merchandise exports contracted markedly in March, falling 24.9% in annual terms.
May 5, 2020
Consumer prices fell 0.08% over the prior month in April, matching March’s decrease.
May 4, 2020
The manufacturing Purchasing Managers’ Index (PMI), produced by IHS Markit, fell further to 31.6 in April from 39.7 in March, hitting a new series low.