Threatened
On Monday, the FDC said that OFWs might no longer save the Philippine economy from being affected by the US economic recession.
The group said OFW remittances “are being threatened" by the continuing downturn in the US economy because most Filipino migrants work in countries that are largely affected by what has been described as the worst financial crisis in decades.
According to FDC trustee Maitet Pascual, even when OFW remittance still serves as the country’s economic “lifeline," OFWs are now more vulnerable to economic slump because many of them are located in the US and in other countries such as Japan and those in Europe that are also seen reeling from the “global financial flu."