Bayan: looming OFW job loss belies strong economic fundamentals
MANILA, Philippines - The prospect of thousands of overseas Filipino workers (OFWs) losing their jobs because of the global financial crisis belies Malacañang's claims of strong economic fundamentals, militant umbrella group Bagong Alyansang Makabayan (Bayan) said.
Bayan secretary general Renato Reyes Jr. noted that the Palace had been claiming the country would be spared from the crisis because of OFW remittances.
"(It) turns out all that was empty talk. For the first time, Malacañang is acknowledging that the Philippines is indeed vulnerable to the global financial crisis, acknowledging as much as 50,000 possible jobs losses for OFW's," Reyes said in a statement on the Bayan Web site (www.bayan.ph).
Bayan described the Philippine economy as "overly dependent on foreign investments and OFW remittances because it has no developed industry or agriculture to speak off."
"The myth that the country has strong economic fundamentals is increasingly being exposed by the OFW phenomenon. Their remittances keep afloat an economy that is permanently in crisis. Take away the remittances and the country loses $13 billion worth of foreign exchange, an amount that cannot be generated by the domestic economy," Reyes said.
He said this is both a boon and a bane, with OFW remittances being the lifebuoy of the Philippine economy.
Yet he said they are also an ominous sign that all is not well with the domestic economy.
"Mass migration shows that the Philippine economy is incapable of generating jobs in local industry and agriculture. The more dependent we are on OFW remittances, the weaker the domestic economy likely is," Reyes said.
This year, government projects some $15.9 billion in OFW remittances to the Philippines.
"The problems of OFW's and the Philippine economy will haunt Mrs. Gloria Macapagal Arroyo when the Philippine government hosts the Global Forum on Migration at the end of the month. The concept of migration is in many ways contrary to the concept of development. Massive migration usually is the result of economic maldevelopment," Reyes said.
Bayan said that the global financial crisis should serve as a wake-up call for economic planners about the failures of neo-liberal globalization as the path to so-called development.
"For so long we were told that opening up the Philippine economy to foreign investors, liberalizing finance and exporting our labor force to foreign countries, would serve economic development. The economic planners were wrong. The current global crisis is a verdict on that failed economic path," Reyes said.
"There is no substitute to setting up our own basic industries and developing our agriculture to meet the growing needs of our people. We need to develop and protect our economy, including our valued labor force," he added. - GMANews.TV
Bayan secretary general Renato Reyes Jr. noted that the Palace had been claiming the country would be spared from the crisis because of OFW remittances.
"(It) turns out all that was empty talk. For the first time, Malacañang is acknowledging that the Philippines is indeed vulnerable to the global financial crisis, acknowledging as much as 50,000 possible jobs losses for OFW's," Reyes said in a statement on the Bayan Web site (www.bayan.ph).
Bayan described the Philippine economy as "overly dependent on foreign investments and OFW remittances because it has no developed industry or agriculture to speak off."
"The myth that the country has strong economic fundamentals is increasingly being exposed by the OFW phenomenon. Their remittances keep afloat an economy that is permanently in crisis. Take away the remittances and the country loses $13 billion worth of foreign exchange, an amount that cannot be generated by the domestic economy," Reyes said.
He said this is both a boon and a bane, with OFW remittances being the lifebuoy of the Philippine economy.
Yet he said they are also an ominous sign that all is not well with the domestic economy.
"Mass migration shows that the Philippine economy is incapable of generating jobs in local industry and agriculture. The more dependent we are on OFW remittances, the weaker the domestic economy likely is," Reyes said.
This year, government projects some $15.9 billion in OFW remittances to the Philippines.
"The problems of OFW's and the Philippine economy will haunt Mrs. Gloria Macapagal Arroyo when the Philippine government hosts the Global Forum on Migration at the end of the month. The concept of migration is in many ways contrary to the concept of development. Massive migration usually is the result of economic maldevelopment," Reyes said.
Bayan said that the global financial crisis should serve as a wake-up call for economic planners about the failures of neo-liberal globalization as the path to so-called development.
"For so long we were told that opening up the Philippine economy to foreign investors, liberalizing finance and exporting our labor force to foreign countries, would serve economic development. The economic planners were wrong. The current global crisis is a verdict on that failed economic path," Reyes said.
"There is no substitute to setting up our own basic industries and developing our agriculture to meet the growing needs of our people. We need to develop and protect our economy, including our valued labor force," he added. - GMANews.TV
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