Monday, 2 February 2009

PHILIPPINES: Global Crisis Hits Overseas Workers Hard

Manila, Philippines (AHN) - The lingering global economic crisis is hurting most Filipinos where it hurts the most. In the pocket.

While the Philippine economy is partly shielded from the credit crisis and the collapse of centuries-old financial institutions in the U.S. and Europe, the fact the local economy is "remittance-driven," makes Filipinos worry that the mass layoffs overseas or the reduction in pay of their relatives working abroad mean lower remittance. Read more

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