Tuesday, 8 December 2009

PHILIPPINES: Dubai-crisis-could-cost-RP-300M-in-remittances

MANILA, Philippines—The Philippines could lose as much as $300 million worth of remittances from Filipino workers based in Dubai due to the debt woes of Dubai World, one of the flagship holding firms of the United Arab Emirates (UAE), the Trade Union Congress of the Philippines (TUCP) said.

"If the labor department’s projection is accurate—that as many as 200,000 Filipino workers there might be adversely affected—then we risk losing one-half of all remittances from Dubai on an annual basis," said TUCP secretary-general and former senator Ernesto Herrera in a statement.

"All of Dubai’s state-owned companies, the biggest employers there, will surely be forced to restructure, mainly through job cuts," said Herrera, former chairman of the Senate committee on labor, employment, and human resources development. Read more

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