Should Filipinos worry?
MANILA – The Philippines is watching 3 key areas that may take a hit from the ongoing Dubai debt crisis: volume of remittances, foreign exchange rates, and the cost of foreign borrowings sourced from global bond market. These 3 indicate the Philippines’ possible areas of vulnerability when a global economic or financial event ensues. Dubai shocked creditors last Wednesday when it asked for a 6-month delay on billions of dollars of debt issued by the flagship firm Dubai World conglomerate and its property subsidiary Nakheel, builder of luxury homes on 3 man-made, palm tree-shaped islands. The news has rattled global capital and financial markets. Should we be concerned as well? Filipinos in Dubai A major global exporter of labor instead of goods, the Philippines depends on over $16 billion worth of remittances from an army of overseas working Filipinos deployed worldwide. The ability of rich countries to absorb Filipinos who want to work overseas has been put to test when the host count
