Business News Asia
The Philippine Statistics Authority (PSA) reported today that the unemployment rate remained at 6.4% in February despite the relaxation of restrictions on COVID-19.
PSA Director Dennis Mapa said the labor force participation rate (LFPR) increased from 60.5% in January to 63.8% in February.
Meanwhile, Philippine Economic Planning Secretary Carl Kendrick Choa said, “Increased travel and the easing of epidemic restrictions led to significant job creation in February.
As of April 1, 79% of economic activity was at the lowest alert level, Chua said, warning that the Philippines will not fully benefit from the transition to Level 1 unless schooling resumes.
Chua added that the shift to tuition fees will allow 1 in 4 parents who stay home to care for their children while studying online to return to work. This is very important given the temporary inflationary pressures the Philippines is facing.