A joint study by the Asian Development Bank and the International Labor Organization said that up to a million Filipino youth are at risk of being unemployed this year due to the pandemic if lockdown rules extend.
The two development groups have said about youth employment. This problem is so serious in the Philippines. And also, it happened to the rest of the Asia-Pacific.
It was reeling from community quarantine measures that have paralyzed the world economy.
Estimates show that the pandemic may render at least 687,000 Filipino youth to as many as 1,019 million unemployed.
In addition, it was including restrictions on movement.
Jobless due to COVID-19
The Philippines is on its fifth month of collective quarantine, with cases now nearly 170,000 — Southeast Asia’s largest.
The job loss estimates are also based on the expectation by ADB. Then, the local economy will decline by 3.8 percent. There will decrease and going to be steeper after a 16.5 percent drop in the second quarter.
“In the Philippines, three of the four main sectors where youth found work were in the high-impact category: wholesale and retail trade (23 percent), accommodation and food services (11 percent) and manufacturing (10 percent),” the report titled Tackling the COVID-19 youth employment crisis in Asia and the Pacific read.
A recent survey by the Social Weather Stations pegged overall joblessness at 45.5 percent in July, or about 27.3 million Filipino adults — those aged 18 and older.
Malacañang spokesman Harry Roque said he was glad the data didn’t shoot up to 100 percent, saying it could be worse as the economy continues to reel from strict stay-at-home protocols.
The government reported that unemployed Filipinos were up to 7.3 million as of April.
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