Daily News

‘Lockdown generation’: Over 1 Mn youths face job losses

More than a million young Filipino workers may lose their jobs this year, pushing the youth unemployment rate to nearly 20% as the coronavirus takes its toll on the labor market, the Asian Development Bank (ADB) and the International Labour Organization (ILO) said. The ADB and ILO estimated 687,000-1.019 million young workers aged between 15 to 24 in the Philippines could be out of job this year, as it expects the economy to shrink by 3.8%. The government sees a full-year economic contraction of 5.5% this year. Youth unemployment rate in the Philippines could reach 15.1% to 19.5% by the end of 2020, more than double 2019’s 6.8%. However, the extent of the job losses may depend on how long it will take for the government to contain the COVID-19 virus. Nearly a fifth (19.8%) of the youth job losses in the Philippines will come from hotels and restaurants, followed by retail trade (16.2%), agriculture (15.2%) and construction (12.9%).