Is unemployment a great problem in the Philippines?

Is unemployment an issue in the Philippines?

MANILA – The Philippines recorded its lowest unemployment rate since April 2020 at 6.9 percent in July this year. The Philippine Statistics Authority (PSA) reported Tuesday that July 2021’s unemployment rate declined from 7.7 percent in June 2021.

Why is unemployment in the Philippines so high?

According to the results of the regression analysis, Labor Force Rate and Population are the significant factors of unemployment rate. … As an example, rapid population growth is one of the reasons why unemployment in the Philippines remains high despite robust economic performance (Brooks, 2002) . …

Is the unemployment rate in the Philippines high?

The latest unemployment rate is higher than the 7.1% recorded in March 2021, which was equivalent to 3.4 million jobless Filipinos. The underemployment rate or the percentage of the working population looking for more hours of work stood at 17.2% in April, equivalent to 7.45 million individuals.

Why unemployment is a problem?

The cost of the higher unemployment is lost wages and incomes to workers and their families, a further widening of inequalities, an inhospitable environment for welfare reform and the social costs of greater crime and worsened health.

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Why is unemployment a serious problem in the Philippines?

Unemployment and underemployment are the Philippines’ most important problems and the key indicators of the weaknesses of the economy. … The social costs of this mass unemployment range from income losses to severe social and psychological problems resulting from not having a job and feeling insecure about the future.

Is unemployment is a serious problem of a country?

Unemployment is first and foremost an economic and social problem since it brings about costs for the unemployed as well as the society as a whole. Labor not used for production purposes means permanent output loss and decrease of consumption. … Hence, unemployment gets qualified as a serious personal and social issue.

Who is responsible for poverty in the Philippines?

The poor in the Philippines are most likely self-employed farmers, fisherfolk, or other agricultural workers. Three-quarters of these people live in severe disaster-risk areas that are highly rural. In 2015, about 58 percent of poor households have more than six members.

How many are wealthy in the Philippines 2020?

In 2020, the Philippines had nearly 14 thousand millionaires. It was projected that in 2025, the number of high net worth individuals in the country will reach approximately 19 thousand.