The global recession has been hitting hard on world markets since we acknowledged it last year. Jobs being cut, companies closing, and markets contracting at an alarming rate-- North America and Europe have been headlining these things since the subprime broke out but it is only now that the Philippines is feeling the effects of the financial crisis.
I've long figured that as long as gas prices remain low here, we would be OK since a good chunk of our economy is hinged on energy. But the bad effects are trickling in, from one of the biggest employers here in the Philippines closing shop to Overseas Filipino Workers (OFWs) being sent home because of job cuts. It will be a matter of time before we will be plunged in some sort of situation where prices are low, but jobs are significantly less.
What's the moral here? Love your job-- yes, the one you have right now-- because who knows when the golbal economy will gobble it up and your left high and dry.
Tags: Economy
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