US RECESSION? How has it affected the Philippine economy? 2
Overseas Filipino Workers (OFWs), remitting part of their dollar earnings to support their families in the Philippines, have become a significant factor in the Philippine Economy (US$ 14 billion in 2007).
The weakening of the US$ has hit the OFWs with a double whammy.
Not only do they have to remit a greater portion of their dollar earnings (US$ 1 = PhP 52 three years ago, US$ 1 = PhP 41 today) to maintain the level of support for their families in the Philippines, their living expenses in the countries where they work have also increased. With companies downsizing, there is also the greater risk of suffering a cutback in salaries or, worse, losing their jobs.
Images from Microsoft Clipart
hello! i read about your blog entries in multiply and i am thankful to you sir because of your opinion about the US recession. i have gain more ideas for my term paper. god bless!
Hi! Thanks for this post. As a freelancer who outsources his work to clients in the US, I can feel the effect of the recession already. I used to get a steady stream of work from one of my clients before the crisis happened. Now, I’m having a hard time trying to get work as a freelancer. One client I have now says the recession has spared no one. Money is tight. Anyway, thanks again and God bless!
Mike