No Crisis?

President Gloria Macapagal-Arroyo has been consistently repeating her claim that the economy is doing well – therefore, not affected by the global economic crisis – because of its supposedly “sound” fundamentals. The signs of crisis, however, are all around the Philippines: overseas Filipino workers (OFWs) losing their jobs abroad and coming home, retrenchments in companies in the Philippines, factories closing down, record-high unemployment, and shortages in supply of basic goods like liquefied petroleum gas (LPG).


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