Philippines Braces for Iran War Hit on Labor After Jobless Surge

The Philippines is bracing for more pain ahead in its labor market due to the Middle East conflict, after joblessness surged to the highest in nearly four years.

The unemployment rate rose to 5.8% in January, the highest since June 2022 and equivalent to nearly three million Filipinos without jobs. Agriculture and retail shed the most jobs due to seasonal factors, according to the Philippine Statistics Authority.