NEDA notes improvement in job market amid pandemic

The National Economic and Development Authority (NEDA) reported that at least 9.3 million jobs were created from April 2020 as the economy slowly reopened, exceeding pre-COVID levels in February 2021.

“Because we slowly reopened the economy in the safest possible manner, by February 2021, we were able to create 9.3 million jobs… 600,000 jobs were added,” acting NEDA Secretary Karl Chua said in a briefing with President Rodrigo Duterte and several Cabinet officials on Monday night.

However, Chua said when the National Capital Region (NCR) plus was placed under enhanced community quarantine (ECQ) for a week from March 29 to April 4, it resulted in some P19.6 billion household income loss.

The ECQ was extended for another week up to April 11.  NCR plus several adjoining provinces shifted to modified ECQ from April 12 to April 30.

“For every one week of MECQ, P14.7 billion, we are losing P14.7 billion,” Chua said.

In total, Chua said the two-week ECQ and the ongoing MECQ that will last until April 30 will result in P83.3 billion in forgone wages.

Unemployment rate marginally increased to 8.8 percent in February 2021 from 8.7 percent in January 2021.  But Chua said the gradual reopening of the economy allowed more people to re-join the labor force.

Earlier this month, NEDA pushed for a more intensified implementation of the Prevent, Detect, Isolate, Treat, and Recover (PDITR) strategy to maximize the effectiveness of stricter quarantine measures in the National Capital Region Plus.

The country has so far recorded 945,745 COVID-19 cases with 141,375 active cases, 788,322 recoveries, and 16,048 deaths.—LDF, GMA News