The Philippines’ jobless rate soared to a three-year high in April even though the nation has the fastest-growing economy in Asia, official data showed Tuesday.
The Philippines’ jobless rate soared to a three-year high in April even though the nation has the fastest-growing economy in Asia, official data showed Tuesday.
President Benigno Aquino insisted the rise to 7.5 percent was due to temporary problems in the farming sector, but economists said it highlighted huge challenges facing the government as it strives to fight poverty.
“The high unemployment rate casts doubts on the robustness and inclusiveness of recent growth statistics,” University of the Philippines economics professor Benjamin Diokno, a former budget minister, told AFP.
The unemployment rate in April was up from 7.1 percent in January. Another 19.2 percent were listed as “underemployed”, or part-timers who work for less than 40 hours a week.
Chosen excerpts by Job Market Monitor
via Philippines’ jobless rate soars despite record growth – Channel NewsAsia.
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