Unemployment down 28% in philippines

Discussion in 'Economics' started by peilthetraveler, Sep 10, 2009.

  1. After hitting a record high 14 million jobless rate in February in the philippines, the unemployment figures plumeted 4 months later to 10 million.

    This was the headline i read today in the newspaper Philippine Fiesta (sorry no link as that newspaper doesnt put its paper online)

    Isnt that interesting that in the US, we are saying we are in a recovery because we are only losing 550k jobs per month instead of 570k(or whatever number they expected).

    Now lets compare. U.S. is losing 500k+ jobs per month. Philippines is GAINING 1 MILLION jobs per month.(i guess I better include the margin of error in there which is estimated at +/- 2.5% to 6% based on the different areas of the philippines in which the SWS surveys took place) Unemployment in philipines is still twice as high as the US (if you use the US "official" numbers, but only slightly higher if you use shadowstats)

    Anyway, I thought this was interesting because alot of times we dont hear things about the rest of the world unless its bad news or it affects us in some way.
  2. zdreg


    Philippines has confidence in itself unlike the US
    Philippines removes stamp tax on stock trading
    Published: 05 Jul 2009 16:50:21 PST

    MANILA, July 5 - Philippine President Gloria Macapagal Arroyo has signed a law permanently removing documentary stamp tax on the sale, barter or exchange of listed shares to stimulate the market and make it more attractive to investors.

    The law, signed on June 30, comes at a time when the government is trying to collect more revenues to fund a wider budget deficit of 250 billion pesos ($5.2 billion) this year.

    "During a period of heightened risk aversion, bringing down the costs of doing business is a crucial trade-off to attract investments," Philippine Stock Exchange (PSE) president and chief executive officer Francis Lim said in a statement at the weekend.

    The new law will replace a 2004 law that suspended the imposition of documentary stamp tax on stock transactions for five years.
  3. lindq


    Yes, that statistic got a good laugh from me.

    There are so many small and mid-sized business that can gone under, there's no employees left to lose their jobs.

    At some point, the pond just drains out. And that's the good news?
  4. Eight


    Maybe the Philippines is a little less technology oriented overall? They have technology, lots of IC's are made in the Philippines but I'm thinking that they are living on a simpler level than we are and things are more labor intensive... we have these jobless recoveries, that's due to technology replacing people... maybe the Philippines just goes into a downturn and recovers a lot faster because labor is more a necessary ingredient of all the activities that make up their economy...
  5. San Antonio has a lower jobless rate than any city in Texas and most in the US. WHY? Because 90% of the jobs are for uneducated, unskilled people making 6 bucks an hour.

    Just because A is gaining more jobs or has a less than unemployment rate than B C D, does not mean their economy is healthy.

    Austin has a higher unemployment rate than San Antonio, yet they have a far larger Tech Industry, Far larger educated population and they are hiring less. But their overall economy is producing better than San Antonios, if you compare apples to apples.
  6. Lets see...the uneducated unskilled guy is making 6 bucks per hour.

    The educated, highly skilled guy is unemployed making 0 bucks per hour.

    Who's the one thats better off again?
  7. Philippines gained 4 million jobs in 4 months?.....LOL ..BULLSHIT!!

    Their govt has a long history of modifying their economic data so as to dilute any blame against them by their own people, hence the public loses the will to vote the present govt out of power in future elections.

    Its all POLITICS.....
  8. mgarc


    elections is coming up next year in the philippines.
  9. Where were a net 4 million jobs created in approx. 6 months? Many Filipino seamen, yaya's, carers and maids etc. lost their jobs abroad. Let's say 500,000 came home - that means 4.5 million jobs were created in 6 months when China, Japan, Dubai, Europe etc. is crashing.

    There must have been headline news every week of massive job creation. Come now - do you believe this? 180,000 new jobs per week??
  10. ba1


    In May things were booming construction wise but the upper end real estate sales appeared to be weakening through June going into July. Hard to believe that there was massive job creation in June-July-August.
    #10     Sep 11, 2009