IBON said that\nthe unemployment crisis is actually even worse than official figures show. The\ngroup estimates that the real unemployment rate is likely around 22% and the\nreal number of unemployed around 14 million. The 20.4 million real unemployed\nand underemployed today is the worst crisis of mass unemployment in the\ncountry’s history. <\/p>\n\n\n\n
The Philippine\nStatistics Authority (PSA) reported 7.3 million unemployed and 6.4 million\nunderemployed in April 2020. As it is, this is the worst government-recorded\nunemployment (7.3 million) and combined unemployment and underemployment (13.7\nmillion) in the country\u2019s history.<\/p>\n\n\n\n
IBON pointed out,\nhowever, that the technical definition of unemployment does not count as much\nas 4.1 million Filipinos who did not formally enter the labor force because of\nthe ECQ and another 2.6 million that the revised unemployment definition since\nApril 2005 stopped counting.<\/p>\n\n\n\n
The drastic drop\nin the labor force participation rate (LFPR) to 55.6% is most of all due to the\nECQ, said the group. The jobless Filipinos who did not enter the labor force\nwill not be counted as unemployed because the technical definition of\nunemployed requires them to be in the labor force to begin with. If the LFPR\nhad stayed the same at 61.3% in April 2019, there would be an additional 4.1\nmillion in the labor force.<\/p>\n\n\n\n
The\nmethodology for counting the unemployed was revised in April 2005. Since then,\njobless Filipinos who did not look for work in the last six months or are\nunable to immediately take up work are no longer considered unemployed and\nremoved from the labor force. This lowered officially reported unemployed\nFilipinos and stopped comparability with data from previous years.<\/p>\n\n\n\n
The revised\nunemployment definition tends to underestimate the magnitude of unemployment by\n35% and the unemployment rate by 3.3 percentage points. An initial correction\nfor this would mean an additional 2.6 million jobless Filipinos who should be\ncounted as unemployed according to the previous definition, said the group.<\/p>\n\n\n\n
IBON said that it is important to see historical trends in the country\u2019s unemployment situation to get an accurate picture of the long-term implications of economic policies. Having data that is comparable over time will give a much clearer indication of the structural economic changes the economy is undergoing which will enable better policymaking. <\/p>","protected":false},"excerpt":{"rendered":"
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