What are the reasons why Philippines have a high rate of unemployed?

Unemployment in the Philippines is attributed to reasons including overpopulation, oversupply of labour force on certain industries and the inability to take on available jobs.

Why is unemployment high in the Philippines?

According to the results of the regression analysis, Labor Force Rate and Population are the significant factors of unemployment rate. … As an example, rapid population growth is one of the reasons why unemployment in the Philippines remains high despite robust economic performance (Brooks, 2002) . …

Is the unemployment rate in the Philippines high?

The latest unemployment rate is higher than the 7.1% recorded in March 2021, which was equivalent to 3.4 million jobless Filipinos. The underemployment rate or the percentage of the working population looking for more hours of work stood at 17.2% in April, equivalent to 7.45 million individuals.

Is unemployment still an issue in the Philippines?

The unemployment rate went down to 7.1% in March 2021, translating into some 3.44 million Filipinos with no jobs, the Philippine Statistics Authority (PSA) said on Thursday, May 6. … It is also the lowest unemployment rate since April 2020’s 17.7%, the highest ever on record.

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What are the three causes of unemployment?

The following are the main causes of unemployment:

  • (i) Caste System: …
  • (ii) Slow Economic Growth: …
  • (iii) Increase in Population: …
  • (iv) Agriculture is a Seasonal Occupation: …
  • (v) Joint Family System: …
  • (vi) Fall of Cottage and Small industries: …
  • (vii) Slow Growth of Industrialisation: …
  • (ix) Causes of Under Employment:

What are the causes and effect of unemployment?

effects of unemployment include over exploitation of available labor, reduced rate of economic growth, reduced human capacity, loss of human resources and increase in poverty levels (Dawson 101). One positive effect of unemployment is the availability of adequate labor at reduced market prices.

What would you consider to be the results of unemployment in any country?

Unemployment has both individual and social consequences that require public policy interventions. For the individual, unemployment can cause psychological distress, which can lead to a decline in life satisfaction. It can also lead to mood disorders and substance abuse.

How many are wealthy in the Philippines 2020?

In 2020, the Philippines had nearly 14 thousand millionaires. It was projected that in 2025, the number of high net worth individuals in the country will reach approximately 19 thousand.

Is poverty increasing in the Philippines 2021?

The country’s poverty rate is projected to average between 15.5% and 17.5% in 2021, likely near the 16.6% posted in 2018, officials of the National Economic and Development Authority (NEDA) said on Thursday, February 4, during the launch of the updated Philippine Development Plan (PDP).

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