OFW economy and the global financial crisis
There is no denying just how much our economy depends on OFW and their remittances. They’re the ones who keep our country treading above the financial murk that has plague the modern world.
Tony Lopez at the Manila Times makes an interesting observation that the overseas Filipino workers is now considered the new middle class. OFWs have real assets – land, vehicle for rent, house, savings – which would provide them with better cushion against the gloomy economy.
Now, if forecasts are true, then remittances from OFWs are expected to rise up to 10% in 2009 compared to this year’s …read more
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