No doubt the demand for OFW's will decline in other countries as well. This is just the tip of the global iceberg. Remittances to the Philippines will probably decline as a result in 2009.
This is from the Daily Tribune.
OFWs laid off by Taiwan firms may reach 5,000 this year — POEA
At least 2,500 Filipino workers have lost their jobs in Taiwan amid a global economic slowdown, and more are expected to be sent home in the coming months, the Philippine Overseas Employment Administration (POEA) said yesterday.
These OFWs were laid off by factories in Taiwan adjusting to lower global demand, according to POEA records.
The POEA expects the number to double this year unless there is a rapid global recovery — which seems unlikely at the moment.
Some eight million Filipinos work or live abroad, remitting an estimated $15 billion to their families back home in an effort that helps keep the Philippines economy afloat.
Taiwan employed some 90,000 Filipinos at the start of the crisis last year, according to POEA Admin. Jennifer Manalili.
More than 100 were sent home last month, most of them workers in Taiwan’s microchip factories.
Labor Secretary Marianito Roque told reporters Manila will be sending a team to Taiwan to help the OFWs who lost their factory jobs.
“In the next two weeks, we will deploy an advance reintegration team to Taiwan to assist the affected OFWs,” Roque said.
The team would canvass employers “for possible re-deployment before they return to the country, or referrals to other companies there,” he added.
Manalili said Manila considers Taiwan’s export manufacturing sector to be “vulnerable” as the financial crisis deepens. AFP