Jobless rate down in Q1By Ana G. Roa
Philippine Daily Inquirer
MANILA, Philippines—The strong performance of the Philippine economy in the first quarter of 2012 has lowered the rate of unemployment in the country, according to a recent report of the World Bank’s Human Development Network.
The Job Trends report said the Philippines was one of the East Asian countries that continued to experience improved employment and wage growth.
“Unlike in China, strong growth in Indonesia and the Philippines did reduce unemployment,” the report said.
The Human Development Network is the World Bank’s arm for policy, programs and research in the areas of education, health, nutrition and population, social protection and labor, children and youth HIV/AIDS, and development dialogue.
The country’s gross domestic product grew 6.4 percent in the first quarter of 2012 from 4.6 percent a year ago. According to the report, the employment growth in the first quarter of 2012 was 3 percent, faster than the 0.8 percent a year ago.
The National Economic and Development Authority earlier said economic growth in the first quarter translated to 1.101 million additional jobs.
It said the significant increase in employment, particularly in the services sector, was fueled by the continued strong inflows of remittances, robust inbound tourist receipts and low inflation environment.
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