Reuters | Jun 05, 2020 15:00
MANILA, June 5 (Reuters) - The Philippines' unemployment
rate surged to a record 17.7% in April, the statistics agency
said on Friday, as millions lost their jobs due to a
pandemic-induced lockdown that battered the economy.
The Philippines, which before the pandemic was one of Asia's
fastest growing economies, is facing its biggest contraction in
more than three decades after the new coronavirus shuttered
businesses and crushed domestic demand.
April's unemployment rate, which is 7.3 million people
without jobs, compares with 5.3% in January and 5.1% in April
"We should not lose sight of the fact that this loss in
employment is really temporary," Economic Planning
Undersecretary Rosemarie Edillon said in an online news
The lockdown in the capital, Manila, which was one of the
world's longest and strictest, was relaxed as of June 1 to allow
much-needed business activity to resume and soften the economic
blow of the coronavirus, which has infected more than 20,000 in
Written By: Reuters
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