The effect of the bankruptcy of the investment magnate Lehman Brothers and the top insurance company American International Group (AIG) is not limited to Americans. In Marikina alone, one of the biggest company manufacturing and exporting ceramics is slowly closing down and has almost stopped production since majority of their exports goes to U.S.
The event would leave hundreds of workers in the said company unemployed which would contribute to the unemployment rate of the country in the next days. We still don’t know the magnitude of the effect of the crises would be for filipino workers.
Everyday, the number of Filipinos working abroad that are laid-off from their jobs grows. Malacañang palace declared that the decrease in remittance from Pinoy coming from the U.S. would not severely affect the economy since majority of OFWs are still in the Middle East. However, the government should be worried about the displacement of hundreds, or probably thousands, of workers that would be affected by the bankruptcy or losses of American companies.
The event would leave hundreds of workers in the said company unemployed which would contribute to the unemployment rate of the country in the next days. We still don’t know the magnitude of the effect of the crises would be for filipino workers.
Everyday, the number of Filipinos working abroad that are laid-off from their jobs grows. Malacañang palace declared that the decrease in remittance from Pinoy coming from the U.S. would not severely affect the economy since majority of OFWs are still in the Middle East. However, the government should be worried about the displacement of hundreds, or probably thousands, of workers that would be affected by the bankruptcy or losses of American companies.
While businesses banking on tourism like leasing companies in the Outer Banks of Carolina and other parts of the U.S. is not yet affected, more and more companies engaged in manufacturing and production may close down. This is quite disturbing, ain’t it?
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