DTI Secretary: Good news for the Philippines as the unemployment rate down to 10%

DTI Secretary announced that economic indicators in the country are now slowly improving. This improvement following the guidelines which eased quarantine restrictions and allowed reopening of some business sectors nationwide.

State of Philippines Economy

DTI Secretary Ramon Lopez highlighted the pre-COVID economic growth rate that the government pushes to achieve again. “We continue to push for the reopening of our economy,” he said during an interview on Tuesday.

The economy of Philippines was hit badly by the pandemic. The economy relies strongly on overseas Filipino workers. These workers remit money back to the Philippines. The OFWs typically work in western nations. The pandemic is affecting these nations as well. Unemployment in these countries are also increasing. Thus these workers may see a return to the Philippines.

Unemployment figures down

The secretary mentioned that the unemployment rate, which rose to 17.7% in April, is down to 10% in July. Export rate, which dipped to -49%, is at -9% for the same month.

Secretary Lopez said the reopening of the economy should continue so that the unemployment rate will decrease even further. The reopening would also allow export transactions to return to previous levels. “We can see that the economy is improving, but it’s still not enough,” he added.

He reminded that despite improving economic indicators, the public should not be complacent. Secretary Lopez also implored all to ensure compliance with safety measures during transactions and outdoor activities. He stressed the need for continuous self-discipline in observing safety.

For more information on the announcement visit here.