MANILA, Philippines - Prospects for overseas employment in Europe are still bright despite the downfall of the euro and pound, and the prolonged financial crisis there, Labor Secretary Marianito Roque said.

While Roque admitted that some Filipino workers in European countries like Spain, United Kingdom and Greece have been displaced, jobs in all other parts of the continent are secured.

He said demand for Filipino nurses, caregivers and information technology professionals remains strong in UK, Belgium, Israel and Italy.

Cyprus and Greece, meanwhile, need more seafarers and service personnel in hotels and restaurants.

The euro has been falling against other major currencies on increased risk aversion as concerns that Greece's debt woes could spread to neighboring countries have not receded.

Finance ministers are worried that the debt crisis in the euro zone may curtail global trade, and curb economic recovery.

For the Philippines, this could mean less remittances -- the main driver of domestic consumption -- if overseas Filipino workers are laid off.

Of the 10 biggest sources of the country's remittances, 6 are European countries: Norway, Germany, UK, Greece, the Netherlands, and Cyprus. The other top sources are United States, Japan, Singapore and Hong Kong.

Roque said the Overseas Workers Welfare Administration has prepared a buffer fund of P800 million to provide livelihood to Filipinos displaced in Europe when they return to the Philippines. - Danny Buenafe, ABS-CBN Europe News Bureau