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OFW jobs in US ‘recession proof’–Andaya

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By Joel Guinto
First Posted 16:22:00 10/02/2008

MANILA, Philippines — Since their jobs are “recession-proof,” Filipino workers in the United States will not be hit hard by a looming recession there, economic officials said Thursday.

The economic crisis in the US will also not significantly reduce the total remittances of Overseas Filipino Workers (OFWs), given the booming Middle East economy, officials said.

“You have to look at their jobs. A lot of Filipinos there in the US, their jobs are, shall we say, recession-proof. They are not with
Lehman Brothers or AIG,” Budget Secretary Rolando Andaya Jr. told a news conference at the Palace, referring to American financial institutions worst-hit by the crisis.

Socioeconomic Planning Secretary Ralph Recto said that based on statistics, the sub-prime borrower, or those at higher risk of defaulting on their payments, includes Filipinos, Asians, and African-Americans.

“So yes, there will be an effect. But having said that, you also have a booming Middle East economy and you have many Filipinos in the Middle East who will be sending more remittances in the Philippines,” Recto told the same briefing.

Recto said that for 2008, the increase in OFW remittances reached 18 percent, overshooting the projected 10-percent increase.

“There’s no reason why we should expect OFW remittances to go down next year as well. It may not have the same 18-percent growth as this year, but still a substantial increase, substantial remittances are still expected next year,” he said.

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Written by joelguinto

ThuUTC2008-10-02T13:35:51+00:00UTC10bUTCThu, 02 Oct 2008 13:35:51 +0000 22, 2006 at 12:45 pm10

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