Sunday, March 20, 2011

Quo Vadis, Philippine Economy?

With the growing tension in Middle East region and troubled country like Japan, remittances that boost the Philippine economy, would be affected greatly. While only the OFWs in Japan and Libya ( (after the devastating Tsunami and nuclear disaster and high-level tension in Libya) are affected so far, it is feared that more OFWs would be dislocated if political upheavals in the Middle East countries will continue. 

And who said it would not affect the economy? Five-year historical data showed that 15 percent of the total remittances came from the middle east region. That's a lot of money not only for the Philippine government but also to the families at home who rely on these remittances. 


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