My Google Page Rank

Middle East unrest to impact adversely on PH economy – Villar

PDFPrintE-mail

The government should start stitching up economic safety nets for the thousands of overseas Filipino workers (OFWs) in the Middle East who will be forcibly repatriated as the regional conflagration escalates, Sen. Manny Villar said yesterday.

Villar said the immediate economic impact of sending home Middle East-based OFWs would be felt in the employment front since they will instantly bloat the jobless statistics.

"The government must be ready with job programs to assimilate homebound OFWs willing to get employment at once," he said.

Villar said TESDA could step in to take lead in providing skill training programs to provide job opportunities for returning OFWs.

He said consumer spending, which was currently riding on the spending appetite of OFW families, will likewise slowdown as more OFWs from Middle East come home.

"The psychological effect to other OFWs and their families not directly affected by the Middle East turmoil would also drive them to be conservative on their spending and ultimately hurt businesses," Villar said.

He said aside from shattered dreams, one big casualty of the Middle East unrest is the expected dwindling of US dollar remittances from OFWs in the region that is being rocked by pro-democracy rallies that is threatening to engulf the entire Arab bloc.

Villar said the Middle East alone is home to more than two million dollar-remitting OFWs, whose monthly remittance could drastically dwindle if the unrest continues.

“The pro-democracy movements in the Middle East are spreading like wildfires and caught in the middle are our OFWs,” Villar said.

Villar said OFWs in Bahrain, Yemen, Iran and Libya are now facing bleak employment future because of the protest rallies in its capital cities.

There are more than 31,000 OFWs in Bahrain, 1,500 employed OFWs in Yemen, 26,000 OFWs in Libya, and about 1,000 Filipino workers in Iran.

The senator said he would dread the day when the civil uprising spills over to neighboring Saudi Arabia, which is the biggest employer of OFWs reaching 1.5 million and collectively remitting some $1.3 billion annually.

According to Villar, the latest order of the government to freeze deployment to Bahrain, Yemen and Libra would further hurt the potential growth in OFW remittances from the region.

He said the government may have to kiss goodbye another banner year of OFW remittances this year because of the Middle East situation.

Villar, who chairs the Senate trade panel, said last year’s $18.76 billion record remittances turned in by OFWs around the globe may now be a difficult to beat or replicate.

“Unless the unrest simmers down soon, the government may have to look for another economic booster other than the dollars sent by OFWs,” he said.
The senator, citing estimates by foreign banks, said even the projected OFW remittances of $20.5 billion this year is a pipe dream.

Villar earlier called on government to assess the economic impact of the Middle East turmoil to local oil prices and welfare of OFWs in affected capital cities. (end)




Related news items:
Newer news items:
Older news items:

Add comment


Security code
Refresh

LIAC on transportation tackles traffic scheme, truck ban

25 Mar 2017 Hits:145 Be the first to comment!

The City Administrator’s Office on Thursday afternoon convened the Local Inter-Agency Committee (LIAC) on the Enforcement of Land Transportation Regulations to tackle pressing issues affecting traffic in the city’s main thoroughfares. City Administrator Apple Go presided over the meeting in line with Mayor Beng Climaco’s directives to exhaust all means to improve traffic situation in the city in partnership with the police and other law enforcement agencies and stakeholders. Topping the list in the agenda was the ongoing pipe laying project of the Zamboanga City Water District which has been aggravating traffic congestion; assessment of the experimental one-way traffic scheme which is on dry run starting March 20 covering the west coast area with the phase II to start on March 27 [...] Read more

Prev Next Page:

Visually-impaired Dapilin graduates cum laude

25 Mar 2017 Hits:81 Be the first to comment!

A visually-impaired student from Basilan Province is graduating cum laude with a degree of Bachelor of Science in Education at the Western Mindanao State University (WMSU) on Wednesday, March 29. Abdulazis [...] Read more


Chides Magdalo men for being ‘cowards’

24 Mar 2017 Hits:113 Be the first to comment!

President Rodrigo Duterte on Monday branded Vice President Leni Robredo as an enemy who was in a hurry to claim the presidency and described Senator Antonio Trillanes IV as “a [...] Read more


Globe equips Manila Science HS with 21st Century classroom

24 Mar 2017 Hits:88 Be the first to comment!

Globe Telecom and Habitat for Humanity officially turned over to Manila Science High School (MaSci) over the weekend a multifunctional Information and Communications Technology (ICT) laboratory with a collaborative working [...] Read more


WestMinCom troops honor fallen marine soldier

24 Mar 2017 Hits:91 Be the first to comment!

A fallen soldier from the Marine Battalion Landing Team (MBLT)-2, who was killed during a clash with communist rebels, was honored in a send-off ceremony before he was brought to [...] Read more


Six alleged drug pushers arrested

24 Mar 2017 Hits:89 Be the first to comment!

Six persons, including a minor, were arrested in a series of buy-bust operations conducted by the different police stations of the Zamboanga City Police Office (ZCPO), Wednesday. The Drug Enforcement Team [...] Read more


MGB-9 orders stoppage of illegal gold mining in Baliguian town

23 Mar 2017 Hits:87 Be the first to comment!

Local small-scale miners looking for gold ores were ordered to stop illegal mining activities in Pigbogololan area in the rural town of Baliguian, Zamboanga del Norte early this month after [...] Read more


Globe myBusiness gives tips to working in the comfort of your own home

23 Mar 2017 Hits:86 Be the first to comment!

Many business owners enjoy working from home, but there’s a challenge that automatically comes with it.  There are certainly many perks, like being in charge of your own time, dressing [...] Read more


Cocolisap funds await PCA, City Hall coordination gab

22 Mar 2017 Hits:82 Be the first to comment!

Funds to rehabilitate the coconut industry following the cocolisap devastation cannot be released as of yet until after the Philippine Coconut Authority (PCA) regional office 9 and the city government [...] Read more


Koko sees okay of free internet access, six key bills this year

22 Mar 2017 Hits:125 Be the first to comment!

Senate President Aquilino “Koko” Pimentel III said Congress is expected to approve this year the bill on free internet access in all public places and six other key priority measures [...] Read more


Ateneo shines anew in Physician Licensure Exam

22 Mar 2017 Hits:129 Be the first to comment!

The Ateneo de Zamboanga University School of Medicine (ADZU-SOM) once again came up with an impressive performance during the recent Physician Licensure Examination (PLE) given by the Board of Medicine [...] Read more


Globe At Home Customers Meet the Cast of Wicked

21 Mar 2017 Hits:89 Be the first to comment!

The year is just beginning, but one of the highlights of 2017 is the staging of the Wicked, the West End musical, which transformed the Theatre at Solaire into the [...] Read more


Zambo harvests 80 gold medals in ZPRAA

21 Mar 2017 Hits:107 Be the first to comment!

The Zamboanga delegation ranked second in the secondary level and third in the elementary level in the recently concluded Zamboanga Peninsula Regional Athletic Association (ZPRAA) meet held in Dipolog City [...] Read more


Lamitan in state of calamity

18 Mar 2017 Hits:159 Be the first to comment!

The city council of Lamitan, last Wednesday, declared a state of calamity in the entire city. Vice Mayor Roderick Furigay said, the City Council concurred with the request of the barangay [...] Read more


Double barrel reloaded nets four more

18 Mar 2017 Hits:143 Be the first to comment!

Four more suspected drug pushers were arrested in another Project Double Barrel-Reloaded operation in Zamboanga City, last Thursday. Arrested were Gilbert Johnston y Dagoy, 48, single, of Sitio Lantawan, Barangay Pasonanca; [...] Read more


SSS releases March differential of P1,000 additional benefit

17 Mar 2017 Hits:140 Be the first to comment!

The state-run Social Security System on Thursday said it has already released about P2.1 billion to its partner banks for the release of the last tranche of the retroactive P1,000 [...] Read more


Aboitiz, DTI partner anew for Matigsalug livelihood project

16 Mar 2017 Hits:128 Be the first to comment!

AboitizPower subsidiary Therma South, Inc. (TSI) in partnership with Aboitiz Foundation, Inc. (AFI), has tied up with the Department of Trade and Industry (DTI) 11 to implement a comprehensive crafts [...] Read more


6th InfoCar meets with 100 IDPs

16 Mar 2017 Hits:114 Be the first to comment!

Some 100 internally displaced persons (IDPs) met with local and government agencies for a half-day engagement to discuss the progress and developments of the City’s rehabilitation and recovery efforts. Spearheaded by [...] Read more


Forwarding company robbed

15 Mar 2017 Hits:140 Be the first to comment!

The office of a forwarder company was robbed by unidentified burglars who carted away computer accessories, bank checks and cash. Police Station 11 report showed that the officer-in-charge of the Overseas [...] Read more