by Santosh Digal

The global financial crisis and domestic economic weakness have caused a collapse in employment levels. The manufacturing sector has been hardest hit: 122,000 jobs were lost in January of 2009. more than 10 million Filipinos are jobless, or are looking for a better job.

Manila (AsiaNews) - In the Philippines, the number of unemployed has reached 4.3 million. This is the result of a study by the Ibon Foundation, an independent organization, based on data collected in January of 2009.

The study confirms the rise in the number of unemployed, caused by both the global financial crisis and weakness in the domestic economy, which is stagnating and incapable of creating new jobs. Trade policies have favored the export sector to the detriment of domestic consumption, aggravating the tenor of the crisis. According to projections, the worst is yet to come, and the number of people without jobs is destined to increase.

The document from the Ibon Foundation also emphasizes some differences compared to the official figures provided by the government: Manila says their are 180,000 new unemployed, for a total of 2.9 million. The actual rate, the experts of Ibon reply, is not 7.7%, but "at least 11.2%." To the more than 4 million unemployed must be added 6.2 million people who are underemployed or looking for a better paying job. The total number of Filipinos who are unemployed or without a steady job is 10.6 million, out of a total population just above 88 million.

The sector hardest hit by the crisis is the manufacturing industry, with a loss of 122,000 jobs compared to 2008. 39,000 jobs have been vut in the construction industry, and 28,000 in the financial information sector.

• philippines
• unemployment
• jobless
• rate
• global
• economic
• crisis
• export
• import
• industry
• construction
• financial
• information
• services
• manufacturing