ILO's Global Employment Trends shows that the country has a high unemployment rate of 7.3%. This is higher than Indonesia's rate of 6% and much higher than Cambodia's rate of 0.3%, which is also one of the lowest in the world.
With unemployment rates of 0.8%, 1.4%, and 1.9%, Thailand, Laos, and Viet Nam are among the countries with the lowest unemployment rates. The unemployment rates in other countries are as follows: 3.1% in Singapore, 3.2% in Malaysia, 3.5% in Myanmar, and 3.7% in Brunei.
Since 2005, the unemployment rate in The Philippines has stayed between 7% and 8%. This is something that government officials should think about, especially since graduates from all over the country join the workforce every year.
Cambodia and Thailand still have some of the lowest unemployment rates in the world. Rwanda and Qatar also have unemployment rates of 0.6%. The ones with the highest unemployment rates are Spain at 27.6%, Greece also at 27.6%, and Egypt at 12.7%.
It is a bit surprising that the Philippines has a slightly better unemployment rate compared with the United States and Great Britain, both showing 7.5%. Argentina has the same unemployment rate at 7.3% while Canada and Brazil are faring better at 7.1% and 6.6%, respectively.
ILO’s report also revealed that the number of unemployed people around the world has increased by almost 5 million, raising the already high global total to almost 202 million people. Government officials are often quick to claim that there are significant increases in the number of jobs created by their offices each year yet ILO’s report pegs the country’s unemployment rates at 7 to 8%.
A man riding a bicycle in a street in the Philippines
This could only mean that, even if a lot of jobs are being made and filled every year, the employment rate is not growing fast enough to keep up with the growing number of people who want to work. In fact, just this year, some 500,000 graduates have been added to the country’s jobless pool.
ILO also thinks that Southeast Asia's current trend, which is 4.3%, will stay the same until 2017. The same does not hold true in the Philippines, however, with unemployment expected to actually worsen in the coming years. The organization also believes that despite efforts by the current administration, global spillovers will continue to make matters worse in the country, continuing beyond President Benigno Aquino’s term.
Herminio Coloma, the presidential communications secretary, came to Aquino’s defense, stating that the administration has increased its efforts to help curtail unemployment. This is done by giving (DOLE) and the Technical Educational Skills Development Authority (TESDA) programs that help people find jobs that match their skills.
More and more people are unhappy with how the current government has done over the last four years. The labor coalition Nagkaisa (United) has been one of the most vocal groups to say that Aquino's term has been "extremely disappointing" so far.