Sharjah 24 – Reuters: The Philippines' unemployment rate surged to a record 17.7% in April, the statistics agency said on Friday, as millions lost their jobs due to a pandemic-induced lockdown that battered the economy.
The Philippines, which before the pandemic was one of Asia's fastest growing economies, is facing its biggest contraction in more than 3 decades after the new coronavirus shuttered businesses and crushed domestic demand.
April's unemployment rate, which is 7.3 million people without jobs, compares with 5.3% in January and 5.1% in April last year.
"We should not lose sight of the fact that this loss in employment is really temporary," Economic Planning Undersecretary Rosemarie Edillon said in an online news conference.
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