Sunday, 14 March 2010

PHILIPPINES: RP dependence on OFW earnings leads to jobless growth -- recruiter

By Jerome Aning
Philippine Daily Inquirer First Posted 22:27:00 03/14/2010 Filed Under: Overseas Employment

MANILA, Philippines --Awash with dollars from US$18 billion (more than P821 billion) a year in remittances from overseas Filipino workers a year, the Philippine economy could be now afflicted with the “Dutch disease,” an economic malady that sees the decline of local industries, fuels an overvalued peso, makes exports costly and imports cheap, and results in jobless growth, according to recruiters.

Lito Soriano, executive director of the Federated Association of Manpower Exporters, issued the warning in a recent forum on the strong peso and what must be done on the peso-dollar exchange rate concerns of overseas Filipino workers.

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