Eight out of every 100 Filipino workers may end up jobless this second quarter, resulting in the country’s highest jobless rate in 13 years, as the enhanced community quarantine (ECQ) was
This will also mark a big jump from the record-low unemployment ratio of 4.8 percent achieved by the Philippines last year, according to Japanese investment house Nomura.
“We believe the Dole numbers are still likely to rise as these are based on firms claiming assistance under an amelioration program for those affected by the outbreak,” Nomura said in an April 13 research note written by economists Euben Paracuelles and Rangga Cipta. With the lockdown period extended by another two weeks to end-April, Nomura projected that the country’s unemployment rate would surge to 8 percent this second quarter of 2020.
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