1M Filipino Youth in the Face of Looming Job Loss

The coronavirus disease 2019 (COVID-19) pandemic has devastated everything throughout the whole world especially the business sector with businesses, big or small being forced to close mainly because they cannot sustain their income losses.

However, there are also entrepreneurs who try to save their business by retrenching or laying off some employees for them to survive.

Some wonder, “Why me?,” to tell you the truth you are not alone.

More than a million young Filipinos lost their jobs this year because of the pandemic.

Unemployment rate among the youth is now nearly 20% as the pandemic still continues to scare off business owners and customers.

According to the Asian Development Bank (ADB) and the International Labour Organization (ILO), young ones are more to suffer job losses than the adults.

“Youth will be hit harder than adults in the immediate crisis and also will bear higher longer-term economic and social costs,” said ADB and ILO in a joint report.

Around 687,000 to 1.019 million young Filipino employees aging 15-24 years old are at risk of being jobless in 2020, with economy is expected to shrink by 3.8%. Youth unemployment rate in the country may reach 15.1% to 19.5% by the end of the year.

19.8% of the youth job losses in the country is said to come mainly from the hotel and restaurant industry, 16.2% for retail, 15.2% for agriculture and 12.9% for construction.

The pandemic took all opportunities in the first quarter of 2020, making the economy nearly hit rock bottom. However, the government’s action against the disease is the key to determine the extent of further job losses.

Meanwhile, despite all the hardships brought by the pandemic, many were also able to find an alternative source of income.

Some people have invested in online selling, making the most out of their internet connection at home.

For people who are “less privileged” or “less fortunate”, they still find light inside the cave by selling whatever they can like food, clothing, various services and more.

More online businesses are also popping up as people are now taking the opportunity to start their own business. (MLC)