Double-digit unemployment rate feared due to COVID-19 crisis

By: - Reporter / @KAguilarINQ
/ 10:05 AM March 25, 2020

MANILA, Philippines — The country’s unemployment rate might shoot up should a recession occur due to the coronavirus disease  2019 (COVID-19) pandemic, the country’s chief economist said Wednesday.

Socioeconomic Planning Secretary and National Economic and Development Authority (Neda) chief Ernesto Pernia said the unemployment rate might return to a double-digit figure following the COVID-19 outbreak from its “historical low” of 5.1 percent.


“Ang unemployment rate natin is only 5.1 percent. It’s a historical low,” Pernia said in an interview on dzMM.

“It’s now 5.1 percent, before this crisis. It can go back to double-digit, yung unemployment rate natin,” he added.


The country’s unemployment rate declined from 5.2 percent in 2018 to 5.1 percent in 2019, according to data from the Philippine Statistics Authority (PSA).

Pernia earlier said a recession “can’t be ruled out” due to the COVID-19 situation in the country.

This could be a result of the Luzon-wide enhanced community quarantine imposed by the government to slow down and address the spread of COVID-19.

Under the strict quarantine measure, home quarantine is imposed, while all modes of transportation are suspended.

Exempted from the measure are health workers and employees involved in key, basic services, such as, but not limited to food deliveries, banking, groceries /supermarkets and pharmacies /drug stores.



For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link .

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Coronavirus, COVID-19, Ernesto Pernia, National Economic and Development Authority, NEDA, Unemployment Rate
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.