The current financial crisis in the
The export and import sector also stands to be badly hit. In her recent report entitled “Global slowdown batters Philippine exports, Doris Dumlao said: “Philippine export earnings fell 6.8 percent year-on-year in March, after a 10.5-percent growth posted in February, as shipments of electronic products decreased sharply because of the US-led global economic slowdown.”
Many US shops and factories will shutdown if the crisis will continue to worsen. Our overseas contract workers would be forced to go home if retrenchment will be the order of the day. The question is, do we have the capacity and capability to absorb returning OFWs?
Just maybe, in their haste to dampen possible speculations, our government officials have preferred to lie about the true impact of the US financial crisis on the country. But lying won’t help. Maybe to them, it will. What do you think?