00:00National statistician Dennis Mapa says the flood control corruption scandal led to historic lows
00:06in construction activity, leading to 550,000 construction jobs lost year on year. Mapa adds
00:12around 258,000 were also lost in the transport and storage industry. The Philippine Statistics
00:18Authority notes job losses in the construction sector offset the service sector's gains from
00:23the holiday season. This led to the Philippines' unemployment rate standing still at 4.4 percent
00:28in December 2025, equivalent to 2.26 million Filipinos. Meantime, the higher cost of utilities
00:35and rent push inflation to an 11-month high of 2 percent in January 2026. This is higher than the
00:411.8 percent recorded in December 2025. Mapa says adjustments in yearly rentals usually begin in
00:48January, thus the increase. He also notes the increase in prices of meals in restaurants or
00:53eateries as factors. The Bank of Central of the Philippines meantime acknowledges the weakening
00:58outlook on domestic economic activity and declining business sentiment due to the infrastructure
01:03corruption scandal.
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