Name: Alberto L. Lumbayan Jr.

Date: February 15, 2021

Subject: CBM 321 Current Events Article
Code: 8322

Philippine Jobless Rate Record

The particular reason for people who are jobless is because of the pandemic
we’ve experience nowadays. All of us experienced national lockdown where we are
required to stay at home. All companies also experienced decreased in income. It is
the main reason why a lot of people are job less. Many companies cannot provide
exact salary for their employees.
According to an article written by Alegado and Jiao, unemployment rate as of
April 2020 is 17.7% which is equivalent to 7.3 million people. As of July 2020, the
unemployment rate eased to 10% or equivalent to 4.6 million people.
Karl Chua said during an interview with reuters, unemployment rate for year
2021 is seen to decreased 6% to 8% with the gradual reopening of the economy.
There are three regions that reportedly has double – digit unemployment
rates, these are; National Capital Region (NCR) with 12.4% unemployment rate,
Ilocos region with 11.5%, and Calabarzon with 11% unemployment rate.
Before the national lockdown, unemployment rate was only 5.3% in January,
equivalent to 2.4 million people. Decreased by 0.2%, making it to 5.1%
unemployment rate as of April 2019.
According to Chua in an interview with Bloomberg, “it will take until 2022 for
jobless rate to decline to 4% to 5%, assuming that COVID – 19 vaccine will be
available by mid – year 2021.
Even though the unemployment rate in October 2020 decreases to 8.7%,
workers who are employed still looking for more extra jobs increases.
The Philippines, before the COVID – 19 pandemic was one of Asia’s fastest
growing economies. Philippines was ranked as an upper – middle income country in
2020, according to rappler.com
https://www.rappler.com/business/unemployment-rate-philippines-october-
2020
Sources:

 Alegado, Siegfrid. Jiao, Claire. (September 2, 2020). Philippine Jobless Rate

Eases From Record as Economy Reopens. Retrieved from
https://www.bloomberg.com/news/articles/2020-09-03/philippines-jobless-rate-
eases-from-record-as-economy-reopens
 Reuter Staff. (September 2, 2020). Philippines’ jobless rate eases as economy
reopens from lockdown. Retrieved from
https://www.reuters.com/article/philippines-economy-unemployment/philippines-
jobless-rate-eases-as-economy-reopens-from-lockdown-idINL4N2G00Z6
 Rivas, Ralph. (December 3, 2020). Unemployment Eases to 8.7% in October
2020, but Workers looking for more jobs. Retrieved from
https://www.rappler.com/business/unemployment-rate-philippines-october-2020