Tuesday, 8 December 2009

PHILIPPINES: Debt Crisis Could Halve Remittances Of Filipino Workers In Dubai

Manila, Philippines (AHN) - The Trade Union Congress of the Philippines warns of a substantial cut in remittances from Filipino workers in Dubai due to the debt crisis being faced by the city. OFWs in the United Arab Emirates send home yearly $632 million, which is one-fourth of all remittances from Filipino workers in the Middle East.

TUCP Secretary General Ernesto Herrera said all Dubai state-owned companies will likely cut their jobs. Similar moves are expected from construction, real estate, financial services, retail, trade and travel and tourism firms, which employ thousands of Filipino workers.

For the first nine months of 2009, OFWs in UAE sent home $431.4 million, according to data from the Bangko Sentral ng Pilipinas. It is already down by one percent compared to the same period last year and may likely go plummet further as Dubai's debt crisis deepen. Read more

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