The US economy experiencing anticipated slump that will have great effect to the local economy. I don't know how to explain this but I'm pretty sure Pinoy will eventually suffer this year and unemployment statistic rate will get high by the next few months.

The booming call center business, which caters to the US market will faces cost-cutting measures that could include office cease of operations and layoffs. It's because most of BPO companies are suffering from the high exchange rate of peso and dollar. Now that the exchange rate is 40 pesos vs.1 dollar, the management of some BPO companies can't afford to pay $375 per call center agent, they will land their calls to much cheaper location such China, Africa and India. If that's happened, there will be more and more unemployed here.

On the other side, POEA stated it won't really affect the OFW remittances, “US economic slump would have no effect on the deployment and remittances of Overseas Filipinos, who they said are in demand because they are more skilled than their counterparts in various countries”. We all know that the US is the largest source of remittances with more than 40 percent of some eight million Filipinos based abroad, or a 10th of the Philippine population, are in the US. Overseas workers like nurses and caregivers could be reduced, and those professionals working in the United States may not obtain security of tenure.

The Philippines should shift its focus and dependency to other nations like Japan, China and the European Union members.

kanati inc.