Unemployment, Labor Laws, and Economic Policies in the Philippines

Jesus Felipe () and Leonardo Lanzona

Chapter Chapter 7 in Labor Markets in Asia, 2006, pp 367-502 from Palgrave Macmillan

Abstract: Abstract Unemployment and underemployment are the Philippines’ most important problems and the key indicators of the weaknesses of the economy. Today, around 4 million workers (about 12% of the labor force) are unemployed and another 5 million (around 17% of those employed) are underemployed. This Reserve Army of workers is a reflection of what happens in the economy, particularly because of its incapacity to provide jobs (especially in the formal sector) to its growing labor force. The social costs of this mass unemployment range from income losses to severe social and psychological problems resulting from not having a job and feeling insecure about the future. Overall, it causes a massive social inefficiency.

Keywords: Labor Market; Gross Domestic Product; Monetary Policy; Minimum Wage; Labor Force Survey (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62738-3_7

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DOI: 10.1057/9780230627383_7

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