Home » Latest News » Dubai crisis threatens OFW market

Dubai crisis threatens OFW market

MANILA, Philippines – A brewing debt crisis in Dubai has raised a specter of gloom on the Philippines, where many households have been relying on petrodollars sent home by a large pool of overseas workers in the Middle East. While the immediate impact is in the form of escalating risk aversion in the financial markets, the sharpest blow could come from the potential loss of overseas Filipino jobs that, in turn, could curb remittance flows and dampen domestic consumer spending if the Dubai crisis worsens, analysts and economists said. Global…

Originally posted here:
Dubai crisis threatens OFW market

If you enjoyed this post, please consider leaving a comment or subscribing to the RSS feed to have future articles delivered to your feed reader.