islandcode
10-17-2008, 05:01 PM
The global financial system is in a MAJOR state of crisis, MAJOR BANKS and INVESTMENT BANKS are closing shop, declaring bankruptcy or needing massive bailout in the billions of dollars. It's the same story whether in Wall Street in the USA, the FTSE in London or other major markets in Europe and Asia such as Japan and Singapore - all places where there are large numbers of Filipino OFWs working.
Dollar remittances of Filipino OFWs is a major resource for the Philippines economy. If and when these OFWs jobs are affected by US, Europe financial crisis by way of layoffs and dismissal from their work - then it will be a massive problem for the Philippine economy.
Families of Philippine OFW workers should tighten their belts, refrain from unnecessary purchases and start engaging in small business enterprises (http://www.magnegosyo.com) such as food carts and micro retailing so that they can preserve their exisitng funds by means of business cycle.
Well, we are hoping for the best that not a lot of Filipinos will be laid off, BUT still, we must be prepared for the worst. The Philippine government will not be able to help the economy much, foreign capital will be dry and insufficient, wow, the scenario looks really bleak.
but despite the lingering bad prognosis on the global economy, there are persistent reports of 10.000 to 40,000 jobs available in Canada for Filipino workers (http://www.kwentuhan.com/forumdisplay.php?f=28).
Dollar remittances of Filipino OFWs is a major resource for the Philippines economy. If and when these OFWs jobs are affected by US, Europe financial crisis by way of layoffs and dismissal from their work - then it will be a massive problem for the Philippine economy.
Families of Philippine OFW workers should tighten their belts, refrain from unnecessary purchases and start engaging in small business enterprises (http://www.magnegosyo.com) such as food carts and micro retailing so that they can preserve their exisitng funds by means of business cycle.
Well, we are hoping for the best that not a lot of Filipinos will be laid off, BUT still, we must be prepared for the worst. The Philippine government will not be able to help the economy much, foreign capital will be dry and insufficient, wow, the scenario looks really bleak.
but despite the lingering bad prognosis on the global economy, there are persistent reports of 10.000 to 40,000 jobs available in Canada for Filipino workers (http://www.kwentuhan.com/forumdisplay.php?f=28).