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OFW Remittances Will Help Shield the Philippine Economy from a Global Crisis

s United States equity markets reel amidst the worst financial crisis it has faced in decades, the Philippine market seems to be holding its own in the face of very strong downward pressure from Wall Street.Equity markets plummet on news that the US legislators failed to approve a financial rescue package. And at the center of this heroic resistance is the humble OFW (Overseas Filipino Worker) whose regular salary remittances have been almost singlehandedly responsible for keeping the Philippine economy afloat. By most estimates remittances from the OFWs for 2008 are expected to grow 10 percent from the $14.4 billion remitted in 2007.

That large influx of foreign currency translates into increased consumption which has fueled the country's economic expansion to a still respectable 4.6 percent growth in GDP (Gross Domestic Product) in the first quarter of this year—in spite of a global economic slowdown. And even with the US markets dropping precipitously this past days, Philippine markets are proving resilient, refusing to give up too much.

Floor of the US House of Representatives where a 'no' vote on Bush's Wall Street rescue package sent global markets tumbling.With a US government bailout in place, there is no doubt that the Philippine economy will rise to new heights, buoyed primarily by OFW remittances with the help of the export and service sectors. However, should the US politicians fail to put a rescue package in place, America could go into a deep recession dragging with it all the world's economies.

As always, Filipinos should be prepared for the worst, while hoping for the best. And the OFWs—the modern-day heroes of the the country,  through their remittances, will make sure any downside isn't as painful, and any upside is as significant as possible.



Philippine NewsLink reserves the right to select and edit comments for publication.

Comments from Our  Readers

Name: Proud to be PinOY
City/State/Country: Island of Typhoon
IP Address: 220.141.48.207

Comments

Comments regarding Filipino migration or "exodus" seemingly captures the true reality of the OFW's. It's somewhat a story of victory and of defeat or of positive and negative. Victory or positive because huge amount of money has been sent to the Mother Land to make it afloat and Pinoys religiously speaking, have become true witnesses of Christ in their particular places.. Defeat or negative 'cos of the stories of abuses and family disintegrations cause by physical separations of love ones. but this should be look at with hope. That this is just a temporarily reality. Time will come and May God allows, That we, as Pinoy will commit into what is good for the country and mend the crooked political system. We'll soon stand with true dignity proper for a Man.


Name: Jun Canlas
City/State/Country: Ominous Warning
IP Address: 69.176.162.131

Comments

As a direct result of the global financial crisis, Philippine Ambassador to Germany Delia Albert said at the International Conference on Gender, Migration and Development, that the decline of overseas works for women is evident in the notices released by the Department of Foreign Affairs. It was reported that even in low-paid jobs, pays were getting even lower. "Soon, it may not be an economic win to have (Filipino) women workers continue with overseas jobs, if one has to take into consideration the serious social costs of absent wife and mother", Albert said. (Asian Journal) This is an ominous warning indeed to OFW's about the hard times ahead, especially for the unskilled ones. Kawawang bayan!


Name: Jimmy Hernandez
City/State/Country: Montreal, Canada
IP Address: 96.20.139.90

Comments

Unavoidable recession will soon follow cuz the U.S. Gov't bought hundreds of billions worth of nearly unsalable securities from all these troubled banks. Some 159,000 plus jobs disappeared this Sept. Very alarming indeed. A good thing Canada has oil & metals getting record prices lately. But now oil is falling in price & vital raw materials demands are also declining slowly. So, let's just sit tight & see if some improvement in the U.S. economy will soon emerge. Otherwise, we're all screwed. It will hit like a tsunami 7 nobody can stop it. Phils, a small bit player, will be affected too & the mighty peso will also decline. OFWs double up the remittances. We urgently need them. Thank you. P.S. Pinoys are starting to sell their own blood to earn money.

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