Impact of the 2008-2009 Twin Economic Crises on the Philippine Labor Market

This study examines how the 2008-2009 surges in international food and fuel prices and the coinciding global financial crisis impacted the Philippine labor market. Regression estimates using repeated quarterly waves of the Labor Force Survey indicate small declines in employment probabilities, while real wages fell more dramatically: about 6% during the price surges and 3-4% during the financial crisis. Men experienced slightly larger wage declines and women marginally greater employment cuts. Workers across education and age groups experienced wage drops, especially less educated men, women with high school degrees, and older workers.