January this year, 4 million people were reported as jobless. However, according to the Philippine Statistics Authority (PSA) assessment, the figure of unemployed Filipinos ballooned up by 234,000 in February 2021.
From these figures, it appears that the unemployment rate is 8.8%, in comparison to October 2020 and January 2021, which’s from 8.7%.
The highest jobless rate registered by PSA was in April 2020, with 17.6%.
The rate of jobless individuals is already anticipated to rise as the Philippines’ economy suffers due to the COVID-19 case surge.
What’s more, the country struggles with the new coronavirus variants, which causes setbacks of going back to normal.
As stated by the MCCI president Steven Yu is to:
“Increased vaccine rollout will seal our fate to recovery and build back our scarred economy. Achieving the pre-pandemic levels will be in the second quarter of 2022,” he said.