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 percent during the price surges
and 3 to 4 percent 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.