The property development business had a promising market in the United Kingdom with many overseas Filipino workers (OFWs) wanting to have a house of their own or invest in properties in the Philippines. 

London sales lead Leo Sunpongco of Globeasiatique said that before the recession, he could sell as many as 10 units to OFWs especially this time of the year. Now, he can barely secure five sales.

Fifty to seventy per cent of UK sales went down even with a good offer from his company of no initial cash outlay or down payment. Some properties were also repossessed due to failure of payment.

“Sales namin for the last quarter of this year, kumpara last year talagang I can say talagang bumaba. Unang-una bumaba ang exchange rate at dahil sa tinatawag nating global crisis,” Sunpongco said.
 
Even the travel agency business is also affected.  Since many Filipinos have already planned their Christmas vacations way ahead of time and have booked tickets as early as January, it helped the travel business get by.

“There were more Filipinos I think who went back the years before, before we were hit by this recession. It less affected us because we have a specialized trade. We are dealing most of the time with Filipinos who are going back to the Philippines,” Celestial Travel Sales and Marketing Director Fe Perfect said.

Some experts believe the financial crisis has varying degrees of impacts on various sectors. 

“Here in Europe, most of the Filipinos are in the service sector—hospitals, healthcare-- the likelihood is that effect will be minimal because there is only so much that can be cut,” said bank consultant Pepot Noche.

It is projected that the Philippines will definitely take the blow next year.  

“It doesn’t seem at the moment from the Philippine perspective that the impact is as serious or a deep as it is in Europe or US, we must take into consideration may lag effect yan. But next year, the effects are more apparent.  If you can imagine this is structure, the structure does not collapse immediately. It collapses by sections,” said Noche.