In reaction to Department of Budget and Management Rolando Andaya, Gabriela Women’s Party Representative Liza Maza said the global financial crisis and the US recession will have ‘a substantial impact on our economy and on Filipino migrants in the United States.’
Andaya earlier claimed that jobs of overseas Filipino workers (OFWs) in the US are ‘recession-proof.’
“On the contrary, Filipinos in the Unites States are extremely vulnerable, ” said Maza.
Maza explained that ‘the bailout plan hatched by US President George Bush burdens tax payers, including Filipino migrants.’
She also said that minorities and migrants, including Filipinos, are ‘most vulnerable to subprime borrowing.’
She said that the impacts of the US crisis will soon be felt. She said the economy’s lifeline, OFW remittances, should be expected to go down.
Independent think-tank IBON Foundation earlier said that around 20 percent of foreign investments in the country comes from the US. Some 20 percent of exports already directly go to the US but a large part of exports to Japan, China, Hong Kong, South Korea, Taiwan and Malaysia which take up another 50 percent of exports, are actually components for assembly into products whose final destination is still the US.
Maza said that Malacañang should instead put in place immediate relief measures to cushion the impact of the crisis on ordinary, low-income Filipinos. She cited the removal of the value-added tax (VAT) on oil, implementation of a nationwide across-the-board wage hike, increase in the budget for social services, and suspension of debt payments. (Bulatlat.com)