MANILA - The Philippines reported its highest-ever unemployment rate on Friday , after the Covid-19 pandemic shuttered companies and wiped out millions of jobs.
The highest unemployment rate previously recorded was 14.4 per cent in the second quarter of 1991. At the end of last year, unemployment stood at a record low of 4.8 per cent. Lockdown was enforced through a web of checkpoints, barricades and curfews across the Philippines on March 16. Consequently, family income shrank by nearly half. About 60 per cent spent less on food and some 13 per cent said they had to borrow money from friends and family.
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