With among the highest joblessness and inflation in Southeast Asia, PH needs bold econ reforms–IBON
With among the highest joblessness and inflation in Southeast Asia, PH needs bold econ reforms–IBON
President Ferdinand Marcos Jr. delivers inaugural speech on June 30, 2022. Photo: Alex Ongcal/Rappler
July 20, 2022
In the run-up to the Marcos Jr administration’s first State of the Nation Address (SONA), research group IBON said that the Philippines has among the highest unemployment and inflation rates in the region, underscoring the country’s worsening conditions and the urgent need for radical economic measures. The group said that the new government should recognize the grave economic situation and pose a correspondingly comprehensive program to address this.
Latest data available shows that the Philippines has the among the worst unemployment and inflation rates among Southeast Asian countries. As of May 2022, the Philippine unemployment rate is at 6%, followed by Indonesia (5.8%) and Malaysia (3.9%). Meanwhile, as of June 2022, the Philippines has the second highest inflation rate (6.1%) among the Association of Southeast Asian Nations 6 (ASEAN 6).
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