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Philippines can Suffer from Global Economic Crises through OFWs, Shipping and BPO Industries


welcome By: Elena Grace Flores
Eduardo Francisco, President of BDO Capital & Investment Corp. is in line with the World Banks’ forecast that the recent Global Financial crises may not be felt in the Philippines yet – but it can take a different course when Overseas Filipino Workers are laid off from their host countries.

It has been the pride of outgoing President Benigno Aquino III that he has contributed much to the stable economy of the country – but this contradicts Francisco’s observations. He said that we are not dependent on exports like China and Singapore so, recession is unlikely.

He said that the temporary financial stability is the result of our people patronizing our own products and services – like the tradition of families going to Jollibee, Max restaurant and SM Department stores. Should this trend continues, then there’s no problem but when their source of funds get shakened up like from remittances abroad, then economy can suffer a great deal. So, what did Aquino do for better economy?

Reference:
http://cnnphilippines.com/business/2016/06/08/PH-global-downturn-World-Bank.html

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