Philippine jobless rate rises to 7.5%
The Philippines’ unemployment rate rose to 7.5 per cent in April, higher than the 7.1 per cent registered in January and 6.9 per cent in April 2012, data released by the National Statistics Office showed on June 12. This is one of the highest unemployment rates in Southeast Asia.
The governmental organisation has attributed the loss of jobs to severe weather conditions – namely typhoons that destroyed farmland in late 2012 – which have put 600,000 farmers out of work.
During the one-year period starting in April 2012, the amount of working farmers registered by the country’s Labour Force Survey dropped from approximately 12.47 million to 11.84 million.
Adding salt to the wound, a report from the Bureau of Agriculture Statistics said that estate owners have since been reluctant to replant in affected areas to do a looming dry season, which would reduce work for farmers.
In the Philippines, where the agriculture sector provides jobs for about 30 per cent of the workforce, the news of the loss in productivity caused shivers in the stock market, sending the Philippine Stock Exchange plummeting 300 points, the largest drop since September 2011.
The poor jobs report has soured the sentiments of many holders of Philippine blue chip companies, with some of the country’s largest conglomerates, such as SM Investments, Philippine Long Distance Telephone and Ayala, which all ended lower on June 12.
The Philippines’ unemployment rate rose to 7.5 per cent in April, higher than the 7.1 per cent registered in January and 6.9 per cent in April 2012, data released by the National Statistics Office showed on June 12. This is one of the highest unemployment rates in Southeast Asia. The governmental organisation has attributed the loss of jobs to severe weather conditions - namely typhoons that destroyed farmland in late 2012 - which have put 600,000 farmers out of work. During the one-year period starting in April 2012, the amount of working farmers registered by the country’s Labour Force Survey...
The Philippines’ unemployment rate rose to 7.5 per cent in April, higher than the 7.1 per cent registered in January and 6.9 per cent in April 2012, data released by the National Statistics Office showed on June 12. This is one of the highest unemployment rates in Southeast Asia.
The governmental organisation has attributed the loss of jobs to severe weather conditions – namely typhoons that destroyed farmland in late 2012 – which have put 600,000 farmers out of work.
During the one-year period starting in April 2012, the amount of working farmers registered by the country’s Labour Force Survey dropped from approximately 12.47 million to 11.84 million.
Adding salt to the wound, a report from the Bureau of Agriculture Statistics said that estate owners have since been reluctant to replant in affected areas to do a looming dry season, which would reduce work for farmers.
In the Philippines, where the agriculture sector provides jobs for about 30 per cent of the workforce, the news of the loss in productivity caused shivers in the stock market, sending the Philippine Stock Exchange plummeting 300 points, the largest drop since September 2011.
The poor jobs report has soured the sentiments of many holders of Philippine blue chip companies, with some of the country’s largest conglomerates, such as SM Investments, Philippine Long Distance Telephone and Ayala, which all ended lower on June 12.
