Today's news is very shocking to me. Many of Filipinos overseas workers are losing their jobs because of this crisis that is going on right now. The USA was already experiencing this crisis in December 2007. They tried to hide it from the world ashamed of being criticize of the world nations. As the crisis continues, many overseas workers will continue to be jobless in the years to come. The Obama administration is preparing their move to solve this problem. When the USA recovers from this slump, the rest will follow.
Here in the Philippines, the effect of the global financial crisis is very evident to every Filipino. It is still on a wait and see basis. There was even a suggestion that companies would not lay-off workers, instead they will reduce the salary of employees working on their companies. Employees that are retiring or have huge salary would be offered an early retirement to let new employees, with less salary, to take its place.
Here in the Philippines, the effect of the global financial crisis is very evident to every Filipino. It is still on a wait and see basis. There was even a suggestion that companies would not lay-off workers, instead they will reduce the salary of employees working on their companies. Employees that are retiring or have huge salary would be offered an early retirement to let new employees, with less salary, to take its place.
