Philippines struggles with unemployment despite economic growth

Photo via gmanetwork.com

Photo via gmanetwork.com

By Felipe Salvosa/Financial Times – Despite rapid economic growth in the Philippines in recent years, unemployment remains a persistent problem for the sprawling Southeast Asian nation of more than 100 million people.

Under President Benigno Aquino, in office since 2010, unemployment has fallen. The latest figures show the rate at 6.4 per cent in the second quarter of this year, down from 7 per cent a year earlier. But progress has been uneven and the Philippines still has one of the highest rates of unemployment in the Asean region.

One reason is that job creation has struggled to keep pace with an ever-expanding population. In three of the past five years, the number of people entering the job market has been greater than the number of jobs created.

The conundrum highlights the difficulty of spreading the benefits of economic growth and suggests they have yet to trickle down to more deprived areas.

Participation in the labour force remains relatively low. Only about 65 per cent of the population aged 15 and above is looking for work, one of the lowest levels in the region. This compares with 78 per cent in Vietnam, 72 per cent in Thailand and 68 per cent in Indonesia.

This is partly explained by the high value set on further education in the Philippines: young Filipinos typically spend some time in college before entering the labour market, contributing to the lower participation rate. Others in the region go to work earlier.

FULL STORY

Find more like this: Economy

  • The Harvey Weinsteins of the Philippines
  • Cebu Archbishop Emeritus Ricardo Cardinal Vidal, 86
  • LOOK: New jeepneys under PUV modernization program
  • Malacañang suspends gov’t work, classes on Tuesday, October 17
  • Bitcoin use grows in Philippines, regulators flex muscle
  • Page 1 | 2 | 3 | 4 | 5 | 6 | 7

    Entertainment

  • Singer from Manila becomes 4th Filipino to enter ‘X Factor UK’
  • Concerts and the Pinoy audience
  • Pinoy producer Jhett Tolentino wins first Grammy
  • Tiny Filipino Taylor Swift Wannabe Wows the Internet With Perfect Performance
  • Jose Mari Chan and the song that made Filipino Christmas
  • MORE...

    Features

  • ‘Pinoy Aquaman’ swims 23 kilometers for peace in Mindanao
  • Former Pinoy dishwasher now owner of pizzeria in Italy
  • Women’s servitude blights Philippine society
  • Filipino hikers seen picking up litter praised widely by HK netizens
  • ‘Fotobam’ is Pinoy Word of the Year
  • MORE...

    Tourism

  • El Nido to impose daily visitor limits in 3 iconic tourist sites
  • Philippines starts building world’s first resort airport
  • aurumOne Makati Hotel – ‘Perfectly Simple’
  • Palawan is world’s top island; Boracay 12th
  • Philippines waives visa requirements for 7 more countries
  • MORE...

    Sports

  • 75-year-old Pinoy lola sets powerlifting record
  • ‘Pinoy Aquaman’ takes 10-km swim in Southern Leyte
  • Joshua Pacio guns to make history as youngest Pinoy MMA world champ
  • The Filipino divers everyone is making fun of are actually total class acts.
  • Rio 2016: Hidilyn Diaz ends Philippine Olympic medal drought with weightlifting silver
  • MORE...

    OFW News

  • The ‘bagong bayani’ of the Philippines
  • Which countries pay OFWs the highest?
  • Are you an OFW? Here are bad spending habits you need to break
  • Pinoy maids in Singapore get $50 salary raise
  • Strong demand seen for Pinoy workers in South Korea
  • MORE...

    Environment

  • Luzon has greatest concentration of unique mammals
  • Mindanao plants 3M trees in an hour, challenges world record
  • Fighting for sharks in the Philippines
  • DENR to crush seized elephant tusks, drops ceremonial burning
  • British billionaire promotes solar bulbs
  • MORE...

    Pinoy Places
    and Faces