The global economic crisis has brought the Philippine economy to the brink of recession. At the onset of the global crisis late last year, the government of Gloria Macapagal-Arroyo initially took the stance that the local economy will be insulated. But despite being in denial and whistling in the dark, the signs are clear of an economy teetering in recession.
The global economic crisis and the slowdown in the local economy had a grave impact on the lives and livelihood of workers in the Philippines. Job losses, mainly in the export sector of the economy, are worsening the unemployment and underemployment rate.
The adult unemployment is more than 20%, the highest since 2005, according to the Social Weather Station survey last June. Some 40,000 workers were laid off since October last year according to the conservative data of the Labor Department. At least 120,000 workers affected by layoffs, job-rotation and wage cuts according to the Labor Department.
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