Global debt watcher Moody’s Investors Service said Tuesday the restrictions on cross-border travels implemented to contain the spread of COVID-19 pandemic will have a negative impact on employment situations in Asia-Pacific countries, including the Philippines.
Moody’s said in a report unemployment would remain higher than pre-pandemic levels, constraining domestic consumption.
“Most APAC sovereigns ended 2020 with multiyear highs in unemployment, although still generally low by global standards, despite some evidence of job market recovery as reported in India and the Philippines,” Moody’s said.
It said that over the course of 2020, government measures such as wage support and extraordinary financing for vulnerable businesses avoided a more material increase in unemployment rates.