US RECESSION? How has it affected the Philippine economy? 3

Overseas Filipino Workers (OFWs), remitting part of their dollar earnings to support their families in the Philippines, have become a significant factor in the Philippine Economy (US$ 14 billion in 2007).
Remittances have not been only for consumption expenditures (i.e., monthly household expenses) , but also for investments in housing and real estate. As a matter of fact, big real estate companies and banks in house financing have set up offices in the cities where OFWs are clustered (e.g., San Francisco & Los Angeles, Chicago, Hongkong, Singapore, Rome, etc).

As the job situation of OFWs are unstable (longest employment contracts …read more