About 800,000 people got back into the workforce in October, according to latest unemployment figures from the Philippine Statistics Authority (PSA).
The PSA revealed on Wednesday that the country’s unemployment rate dropped to single digits or to 8.7 percent in October, which is a sign of the economy slowly recovering from the coronavirus disease 2019 (Covid-19) pandemic.
The country’s unemployment rate was at its worst in April, or at 17.7 percent, when the Covid-19 pandemic was starting to force businesses to stop operating or to close down. In July, the unemployment rate was at 10 percent.
Before the Covid-19 pandemic, the unemployment rate was at 5 percent.
This means that based on the latest unemployment rate for October, the PSA said about 800,000 individuals were brought back into the labor market for the said month.
“This improvement in the unemployment rate was driven by the reopening of the economy and it could have been lower if the economy were opened further, coupled with the provision of safe and sufficient public transport,” said Acting Socioeconomic Planning Secretary Karl Kendrick Chua.
However, he said the recent typhoons in the latter half of October resulted in significant employment loss in the agriculture sector, or about 1.1 million.On the other hand, this was tempered by the services sector as 300,000 jobs were back due to further relaxation of quarantine restrictions. SOVEREIGNPH