Business · Malaysia Bureau
Philippines jobless rate hits four-year high as economic growth slows
The Philippine unemployment rate climbed to 6% in July, marking its highest level in four years as the Southeast Asian economy loses momentum. The jobless figure matches levels last seen in June 2022 when the country was emerging from the pandemic downturn.
LSN Malaysia ·
The Philippines' labour market has deteriorated significantly, with the July unemployment rate reaching 6%, the highest since mid-2020, according to official data. The figure represents a sharp reversal of earlier gains and signals growing economic headwinds affecting job creation in the island nation.
The 6% jobless rate mirrors conditions from June 2022, when the economy was still in recovery mode following the pandemic's impact. The resurgence in unemployment suggests that economic growth has slowed considerably, eroding the employment gains made over the past two years.
The rising jobless figures come amid broader concerns about the Philippine economy's trajectory. Slowing growth and inflationary pressures have constrained business expansion and hiring, leaving millions of workers vulnerable to job losses. The deterioration in labour market conditions may prompt policymakers to reassess economic strategies and stimulus measures.
Economists warn that sustained high unemployment could dampen consumer spending and further weigh on economic growth. The Philippine government faces mounting pressure to implement measures that can reignite job creation and stabilise the labour market before conditions worsen further.