For the Philippines who rely hugely on overseas remittances, what is happening to the world around it most especially to the United States is utterly disconcerting. Last year, the 11 million strong overseas workers (that’s about 11% of the Philippine population!) sent $14 billion to pump the economy. There are 4 million expatriates from the US alone and about 2 million from the Middle East sending remittances, buying properties and creating businesses (=jobs) in the Philippines. This year while it is expected to remain the same, it is already forecasting a decline in 2009. Who knows how many of these 11 million overseas workers will be sent back home or will lose their jobs in the coming months?
While the US dependency on foreign oil is believed to be the major culprit of its economic fall, the Philippines’ major dependency on its biggest export- its human resources doesn’t seem to be a cause for concern at all for the government. In fact they even brag to the whole world that the overseas Filipino workers (OFW) are the lifeblood of the economy pumping those dollars to support the country’s stability and economy.
In short, thanking the overseas workers for NOT having have to lift a hand, for NOT having have to do their own laundry or wash their own dishes, for NOT getting their hands dirty, for NOT having have to sweat blood and tears because the overseas workers are doing it for them!
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