Unemployment in Philippines

Philippines Unemployment | Economic News & Forecasts

Philippines - Unemployment

GDP 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 January–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 remittances—an economic lifeline for the country—plunge in the second quarter and possibly beyond.

Philippines - Unemployment Data

2014   2015   2016   2017   2018  
Unemployment Rate6.8  6.3  5.5  5.7  5.3  

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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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