Govt prepares for 'worst case scenario' for overseas workers
Agence France-Presse | 10/14/2008 6:45 PM
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The government has prepared a "worst-case scenario" should thousands of overseas Filipinos return home due to the global financial crisis, Labor Secretary Marianito Roque said Tuesday.
"We have the mechanics to assist our workers, to receive them and if necessary, provide them with all the necessary assistance," Roque said without giving details.
More than eight million Filipinos work in more than 200 countries around the world. Last year they sent home more than 14 billion dollars, which contributed 10 percent of the country's gross domestic product.
While no one expects all eight million workers will be forced home by the financial crisis there is a view by economists that some will be affected.
Roque said that while some overseas workers had returned, this was normal turnover and "is in no way related to the financial crisis."
Arroyo met her cabinet Tuesday to assess the country's economic prospects as regional markets rebounded sharply.
Rolando Tungpalan, a senior official at the economic planning ministry, said the Philippines was not planning a rescue package for its own banks as they were still doing well, having shored up their balance sheets after the 1997 Asian crisis.
He quoted a report by Standard and Poor's rating agency that said "the Philippines is an island of calm certainty" amid the turmoil in higher-rated countries.
To ensure economic stability is sustained, Tungpalan said the government would "continue to accelerate spending on infrastructure, including basic services."
So far, there were no indications of reduced demand for Filipino workers, Roque said.
"The jobs are still there. As a matter of fact, there are new high-paying jobs" in places like Canada and Australia.
"The country will stand very sturdy. It will weather the storm if there is a storm at all," said Press Secretary Jesus Dureza.
