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AUG 23, 2016


The Battle in Crisis: The Implication of the Global Recession in the
Philippine Economy



Starting a few years ago, the battle in global crisis was seen as
negatively disturbing the rest of the countries in the world, resulting in
what has often been called Global Recession. The world has witnessed it
for over a decade ago. In the language of economics, Global recession is a
negative growth of Gross Domestic Product of an economy for a certain
period of time. Global recession is really a negative thing, it is the
expression of the unsustainability of the development model and it is
considered stressful and an economic storm for the reason that it gives
economic troubles for some newly emerging countries. The recessions are
ultimately caused by a loss of business, loss of consumer confidence,
international trade imbalances and other factors.
The year 2008-2009 is now known as the extreme recession time in
the history of global economy primarily caused by financial and economic
According to Geoff Riley (2009), the recession has affected the
countries in many different ways including the following: (a) declines in
foreign direct investment especially reductions in access to loans from
banks some developing countries have set up their own sovereign wealth
funds to offset this, (b) falls in export revenues due to lower demand (and
falling prices) for commodities and a sharp reduction in demand for
manufactured goods from many emerging market countries, (c) recession
has cut export prices but another key effect has been increased volatility
of prices this increases revenue uncertainty for commodity-dependent
countries and acts as a barrier against much-needed capital investment, (d)
a decline in remittances from overseas migrants working in developed
countries the World Bank has forecast that remittance flows to developing
countries will decline by 7-10 percent in 2009. The World Bank estimates
that there are over 250 million people living overseas who send some of
their earned income back - remittances to all countries topped $305bn in
2008, (e) a recession in global tourism often a significant share of GDP for

many poorer nations, (f) rising food prices has created a huge problem of
food poverty the World Bank called this a silent tsunami, (g) increased
unemployment, under-employment and loss of income. Many laid-off formal
sector workers are forced into low-income jobs in the informal and rural
sectors (China is a good example) (h)weaker growth and rising
unemployment puts huge pressure on government finances and in many
countries there is not a widespread social welfare system as a safety net, (i)
some countries have been hit by multiple macroeconomic shocks. A good
example is Nigeria whose export revenues have declined following a 70%
fall in crude oil prices, a sharp fall in domestic share prices (which has
made funding investment tougher) both of which contributed to a
depreciation of the naira by 20% which has worsened their terms of trade,
increased the cost of servicing foreign debts and increased the prices of
imported foods, (j) overall the recession has worsened prospects for
developing countries meeting the Millennium Development Goals. The
World Bank has estimated that up to 90 million extra people world-wide (62
million in Asia) will live in extreme income poverty (less than US$1.25 per
day) in 2009 as a result of the global economic slowdown.
Meanwhile, in the context of the Philippines, there was a widespread
concern that the recent global recession will impact negatively on the
Philippine economy. The initial impact of the global recession on the
Philippines can be seen through the two major data on migration and
remittances, annual deployment and annual remittances. It was the concern
of the Philippines that the crisis affecting many of the destination countries
of its migrant workers will lead to massive layoffs and creating a much
larger crisis at home.
Although the literature covers a wide variety of discussions, this
review will focus on two major themes which emerged repeatedly
throughout the literature reviewed. These themes are: the impacts on
migration and the effects in remittances send by the skilled Filipinos
abroad. And, this study attempts to view how the global crisis in relation to
global recession actually affected the economy by directly looking at the
impacts on the overseas Filipino workers (OFWs) and the remittances flow,
what was the nature and implication of global recession and how the
developed countries differs from developing countries in relation to global


Literature Review

For the meantime, before I proceed to my formal discussion let me

introduce first the differences of the impact of global recession on
developed countries and on developing countries. This short discussion will

further help us to understand more the implication of the global recession

in the Philippine context as a developing country.
In the setting of the developed countries, The financial crisis that
began in the US in the year 2007 became a full-scale crisis in the year 2008
and 2009 which, in turn, affected each and every economy in some way or
the other including the ones which were not directly related to the crisis.
There has been considerable slowdown in most developed countries.
Investment banks have collapsed, rescue packages were drawn up involving
more than a trillion US dollars, and interest rates have been cut around the
world in what looks like a coordinated response. Leading indicators of
global economic activity, such as shipping rates, had declined at alarming
rates ( Paul and Ichinoise, 2010). Most of all advanced countries have
undergone through the volatile situation as a result of economic depression
2008-09. Needless to say those emerging countries which had been growing
rapidly year by year could not avoid the evils of worldwide recession. It
would be tough for many firms to do the business in foreign countries and
expand globally because of shrinkage of advanced economies for a few
years. It is said that this situation is caused by globalization which
strengthened the ties among each country with economic and financial
sides. During the expansion of world economy, it gave huge benefits,
however, it started to move to wrong directions, and we are facing negative
aspects of globalization. Exports, which was primal pulling force of the
economy slowed down in advanced economies which had created huge
demand in the world. Also, the global financial trade has caused disrupt
exchange rate and drop in asset price. The firms those who formulate their
business strategy taking into account all these changes and diversify their
destination might emerge as winners in the post-crisis era of globalization.
And in the setting of developing countries, according to the Africa
Group meeting of 20 March 2009, Jos Manuel Salazar-Xirinachs, Executive
Director, Employment sector of the International Labour Organization (ILO),
made two principal predictions with regard to the impact of the global
recession. The first was that 2009 is a year in which labour markets around
the world will be hit hard. And the second was that 2009 will be the first
year since the Millennium Development Goals were launched in which
globally poverty will not be reduced but instead will increase (ILO Global
Crisis Observatory 21 May 2009:1).
The impact of global recession on the developed countries and on
developing countries put in a different approach but it ties with another. In
the developed countries the impact is more on the investment of ones
countries while in the developing countries the impacts of global recession
rely on the employment.

In a research article by Ang and Custodio (2012), the overall data

perspective, it may seem that the crisis has no direct effect on the two
major variables, migration and remittances.
As Filipino workers are spread all over the world, the impact
depended on the destination countries and specific sectors such as
construction, manufacturing, and hotels. The spreading of Filipino talents
and skills are deployed around the world. Thus, for a country like the
Philippines which has varied types of workers deployed in many countries,
the negative impacts may have been compensated by the positive impacts.
As of data of late 2010, no mass return of migrant workers has been
reported in the Philippines. Automatically if there is no negative impact on
the migrant workers the remittances flow will not be affected anymore. The
remittances or the money sent home by the migrants to support their
families back home have grown extraordinarily in the last two decades.
These transfers are one of the important direct investments in developing
countries like the Philippines. According to the Latest reports from the
Banko Sentral ng Pilipinas (BSP) in support to the study of Ang and
Custodio (2012), said a total of $12.08 billion in remittances were sent by
overseas Filipino workers from January to June this year, higher than
remittances of only $11.45 billion in the first half of 2014. Remittances
remained robust, partly due to stable demand for skilled Filipinos abroad,
the BSP said. The Philippines depends on remittances perhaps more than
any country in the world. We are the thirds highest remittances-recipient
country after india and mexico and the highest when remittances are
measured as raytios to population, GDP and exports, according to Ernesto
Pernia of the UP School of Economics.
Indeed, the so called trickledown effect is nothing. OFW remittances
still provide the growth that matters the most in the lives of Filipinos. It go
straight to households, to relatives, families and friends that may use
thereof to finance food, shelter, education for their children and all
necessarily things.
According to Manila Time, Remittances virtually made our economy
recession-proof as other countries were caught spinning in the global
economic downturn that started a few years ago and continues to this day.
This could be a strong supporting opinion by a respected columnist in
research article of Ang and Custodio (2009), despite of battling the Forces
of Global Recession there is still demand for our workers and we are still
have the on top remittance-recipient country.
This next article contradicts the previous study by Ang and Custodio
(2009), In a research article by Ang, Jha and Sugiyarto(2009), The Asian
financial crisis in 1997 weakened remittance inflow from 1998 to 2001
(Figure 2). However, the current crisis weakens global demand for goods

and services and places demand for Filipino labor at risk, leading to lower
remittance inflows.
With almost a generation of Filipinos now fully adapted to a
remittance-fed economy, such a scenario does not look positive. The massive
flood of displaced OFWs coming home, the same unemployment and
underemployment situation, which is what drove our workers to seek
overseas in the first place, still exist. As the wealthiest countries drag the
world into a recession, and word unemployment is projected by the
international labor Office to potentially increase by 50, many Filipinos
working overseas will also be affected. Some of them will lose their jobs and
decided to go back home without any assurance of work, others will see
their incomes reduces and net deployment of overseas will descend. All of
the overseas are adjusting to the risk that their jobs and income will not the
same as before. Their Left-behind families will also in risk due to others are
financially dependent on their love one working abroad.
Another problem discussed in this research is that due to the crisis
the demand for professional category of workers declined and shifted to
lower skilled and lower income work. The Philippines has started to be
affected by changing global demand. Prior to the global crisis in 2008,
demand for Filipino workers started to move away from professionals to
other worker categories, as can be seen from the increased number of
deployed domestic and production workers. The decrease in demand for
professional workers will have an effect for Philippine economy for there
are the recipients of the remittances inflow but according to the author
(Ang, Jha and Sugiyarto), even though there is a decrease in demand for
professional workers who have been affected e, it is not expected to be as
large if domestic workers and production workers are affected by the crisis
because most professionals are generally flexible in finding other work
opportunities and have the potential to become permanent residents, unlike
domestic and production workers who have fixed contracts and are
susceptible to fluctuations of business of their employers.
In a research article by (Amantong), three topics were categorized for
guiding the study. In the case of the Philippines it was categorized as the
following: the trade channel, the investment channel and the employment
channel. Those three transmission channels have a big impact in Philippine
The trade channel is generally how much good our country sells to
other countries in the form of exports and how much it buys from the other
countries in term of imports. In 2008, because of the weakening of global
demand for all goods generally, our exports receipts have dramatically
dropped. Exports from the developing countries particularly in the
Philippines fell sharply dragging many of them into the global economic
slowdown. Unemployment increased moderately as the demand for exports

decreased. Manufacturing sector which felt the pressure of crisis through

the export channel have been in worst part. The production of electronic
equipment for example which is said to be the biggest exports item of the
Philippines have been struggled in this crisis as the demand of the products
decline internationally.
In the other side, Philippine imports likewise were very much affected
by the global crisis. In fact base on the National Statistic Office which
shows that imports of goods declined by 21.5 percent year on year in
quarter 4 of 2008.
The second part of the channel by which global problems that
interrupts our economic activities is via investment channel. According to
Amantong, there are two types of foreign investment in the Philippines.
These are the foreign direct investment and foreign portfolio investments.
The foreign direct investments are investments were the foreign investors
put up their factories, employ Filipino workers and employ technological
methodologies in producing goods and services in the Philippines. The
Philippines largest foreign direct investment industries outsourcing are real
estate, manufacturing, agriculture, mining, infrastructure, retail. On the
other hand, portfolio investments are investments in share of stocks. This
investment flows in and out the country. Our country were dependent to
other states, United States is one, so if we can see if the United States have
been affected by economic slowdown the Philippine is also have been
experienced the same impact as the United States.
Lastly, the third transmission of channel is the remittance channel
which takes place as the most significant channel among the three
channels. The remittances channel came entirely in Philippine labor abroad.
The money that they send home through remittances is one of the largest
financial inflows in the developing countries. According to the above article,
As of March 2009, 45,000 overseas Filipinos have been recorded to have
lost their jobs and another 30,000 were forced to go on leave or cut their
working hours as a result of cross cutting measures by companies abroad.
Thus the effect of the global downturn on the overseas Filipino workers
depends naturally on where they are employed.
The translation effect of the global crisis through the three channels
to macroeconomy is deceleration of the growth of the Gross Domestic
Product (GDP). The said effect really matters in the Philippine economy
and its citizens all over the world.
According to (Balboa and Mantaring, 2010), despite the limited direct
channel of transmission of the global financial crisis in the Philippines, the
crisis took a toll in employment, wages and take-home pay, particularly in
the manufacturing sector. There was also a reported higher poverty

incidence and hunger in the country at the peak of the impact of the crisis
in 2008, and there are projections of higher poverty incidence in 2010.
Displaced workers mostly came from the Manufacturing Sector.
Among its subsectors, electronics suffered hardest with close to 9,000
displaced workers in 55 establishments. This figure comprises 2.1 percent
of total employment in the Electronics industry. The second largest number
of retrenchment was found in the Mining industry with 5,359 workers
affected, followed by Garments with 4,117 displaced workers.
A reported 5,332 Overseas Filipino Workers (OFWs) were reported to
be affected and displaced by the crisis. More than 4000 workers, or close to
80 percent of this figure, were OFWs in Taiwan working in the electronics,
metal works and semiconductor industry. Displaced workers in Korea mostly
come from the electronics sector. Fifteen seafarers were displaced in US as
a result of bankruptcy in companies. A number of construction workers
were also retrenched due to suspension of construction projects in
countries like the Kingdom of Saudi Arabia, Macau and Russia.
The Philippine government responded to the crisis with a detailed
Economic Resiliency Plan (ERP). The ERP is a comprehensive plan that
seeks to ensure stable growth, save and create jobs, provide assistance to
the most vulnerable sectors (i.e. the poorest of the poor, returning overseas
Filipino workers, and workers in export industries), ensure low and stable
prices, and improve competitiveness in preparation for the global economic
With regard to job preservation and expansion of social protection
programs, various projects and programs had been implemented. To save
and create jobs, the ERPs response is a comprehensive livelihood and
emergency employment program (CLEEP). CLEEP is a government
nationwide effort to protect the most vulnerable sectors from the effects of
reduced or lost income resulting from global economic crisis by providing
emergency employment and funding and supervising livelihood projects.
Beneficiaries include, but are not limited to the poor, returning expatriates,
workers in the export industr, and out-of-school youths.
The impact to export firms and their workers, as well as the OFWs,
had been anticipated and prompted the government to take the necessary
actions. However, while the government was keen to respond and develop
the appropriate strategy, the fragile fiscal situation posed as a binding
constraint in creating a strong and sustainable fiscal stimulus package. The
government committed to a P330 billion package ($6.3 billion). However,
critics of the plan said that the government does not really have sufficient
funds to commit to a package this large, given the large deficit and weak
fiscal position.

On the bright side, programs aimed at job creation and social

protection yielded modest results. CLEEP and similar programs were able
to create 375,000 new jobs by the last quarter of 2009. While these are
mostly short term, low income jobs, this is compensated by increase in
percentage wage of workers from 51 percent to 55 percent. Moreover, the
government continuously provided assistance to displaced workers through
legal assistance, emergency employment, livelihood, skills training, job
referral and job placement.
The crisis highlighted the structural constraints in the Philippine
economy. It also showed the weakness in the manufacturing sector, which
was in the eye of the storm during the crisis and pushed the most number of
people to unemployment. Hence, the government should come up with
policies that will help this sector and formulate policies that will improve
employment generation without compromising the sectors efficiency and
productivity. Moreover, the government should continue to carry out
policies that will address other pressing issues such as the mismatch
between education and employment opportunities, making the workforce
more responsive to the labor market, high supply of labor and insufficiency
of jobs, and protection of Overseas Filipino Workers. The government
should also continue to pursue policies that will promote growth that create
employment and reduce poverty, and continue to address other important
issues that affect the countrys economic performance, particularly high
population growth, corruption and support to small and medium
In the research paper by (Abella and Ducanes), It will take more time
for the full scale of the global economic crisis to unravel and for its impact
on the cross-border movements of labour, their conditions of employment
and possible return to become manifest. Although the recession in the US
started well over a year before the collapse of sub-prime financial market
migration and remittances grew strongly and rapidly in many parts of the
world obscuring any early signs of the effects of the on-coming crisis. Many
factors remain uncertain even today, including how the fiscal and monetary
stimuli that many governments have hurriedly crafted are working to revive
afflicted economies. While there have been daily reports of firms shutting
down and laying off workers since October last year, it is still uncertain how
these have affected migrant workers who are mostly in jobs that have been
rejected by national workers, or are in occupations for which there is
growing demand like for health care workers in spite of economic
The current crisis is leading many to believe that the phenomenon of
rapid growth of migration and remittances in many parts of the world is
now ending and the coming year will see a stabilization if not an outright
decline in labour migration flows. Average annual global economic growth is
projected to fall sharply this year and next - to less than one percent in 2009

after averaging almost 4 percent from 2003 to 2007.3 Some of the countries
that absorbed many Asian migrant workers in the recent past, particularly
the major OECD countries, have reported the sharpest downturns. US
output is expected to decline by 1.6 percent this year and the EU output by
2 percent. Middle East growth is expected to be less than 4 percent this
year after growing more than 6 percent in the two previous years.
In Asia, the major countries of destination are now experiencing a
sharp downturn in their economic fortunes. Singapores economy is
expected to contract by 2 to 5 percent in 2009, Malaysia to 3.7 percent in
2009 from 6.3 percent in 2007, and Thailand to 3.6 percent in2009 from 4.8
percent in 2007.4 The regions less developed origin countries are similarly
dependent for their growth on a buoyant global export market as well as to
inflows of foreign investments, and are likely to feel even greater push
forces for migration than before.
Some destination countries have started to shut their doors to more
foreign workers. However, some origin countries continue to report that
their nationals are still leaving in significant numbers to work abroad. It
shows that labour outflows from the regions major origin countries the
Philippines, Bangladesh and Indonesia - have been growing rapidly since
On the authority of (Piper and Spitzer, 2014), Contemporary
globalization is characterized by, among other features, the disembedding of
social life from local contexts, and the heightened turbulence, frequency,
density, and content of global flows (Appadurai, 1991; Giddens, 1990; Inda
and Rosaldo, 2002). The interconnectedness of labour, products, and
consumption reliant on flexible accumulation and a flexible labour force
(Inda and Rosaldo, 2002; Spiegel et al., 2004) is evidenced by the recent
and ongoing upheavals in the global economy and the rapid and diffuse
responses it has engendered. As far as the Global North is concerned, the
current crisis gained world media attention in late 2008 with the sub-prime
mortgage fiasco in the USA (Labont, 2012). The downturn in the global
economy, however, had already resulted in factory and business closures in
the Global South (Elmer, 2008) alerting us to the notion that what is
currently referred to as the global economic crisis was predated by other
economic (and subsequently social) volatilities and may hence be regarded
as a construct of the Global North.
Current economic decline has resulted in an abrupt change in the
demand for lowwage, flexible labour driving internal and international
migration (Castles, 2011). In contrast to previous economic upheavals
where some regions were less affected than others thus allowing migrants
to seek employment elsewhere todays labour migrants contend with a
narrower range of alternatives with regards to opportunities for legal
migration, particularly given the rigidity of current migration policy-making

around the world (Koser, 2009) and the prevalence of temporary contract
migration (Wickramasekara, 2011). Furthermore, in a host of countries,
migrant workers accused of usurping the jobs of local residents have
become targets of resentment, and, in some instances, violence, (Blair,
2009; Eaglesham, 2009; Maven, 2008; Remington, 2009). Although the
OECD (2009) has cautioned that countries cannot simply dispense with
their migrant labour force as it can lead to both an erosion of social
cohesion and a rise in irregular migration, migrant workers are still
vulnerable to expulsion (Orner, 2008). Easily declared redundant, these
workers are discarded as Bauman (2004) would opine, like human waste,
compelled to involuntarily return to their homeland due to a drop in work
demand coupled with anti-foreign/immigrant sentiments in what has been
called recessionary racism (Maven, 2008; Remington, 2009).
Nearly 25 million Asian workers labour abroad (Mangahas, 2009). The
Philippines is the predominant supplier of migrant labour in the region, with
over eight million Philippine workers in 200 countries (Rodriquez, 2010;
Ruiz, 2008), most commonly in the Middle East, Malaysia, Hong Kong,
Singapore, and Italy. The Philippines has a well-established labour export
policy supported by an extensive infrastructure that sees the government
seek out foreign markets, oversee employment contracts, license
recruitment agencies, provide support services for overseas workers,
organize pre-departure orientation seminars, and aid in the reintegration of
returned migrant workers although the efficacy and intent of these efforts
is under debate (Prieto, 2009; Rodriquez, 2010; Ruiz, 2008). Emigration is
so common that over nine million Filipino children have at least one migrant
parent (Parreas, 2005). Over one million Filipino workers are deployed
overseas annually in both marine and land-based occupations (POEA, 2011).
The four most common occupational categories for land-based overseas
workers are household service work, cleaning, nursing, and caregiving job
categories that are overwhelmingly occupied by women workers, while the
vast majority of marine-based workers are men (POEA, 2011). Notably,
emigration is not the simple individual choice made by an independent
neoliberal subject. Poor wages and high un- and under-employment along
with dense kinship ties that may lay moral claim to expectations of material
support, and the stated desire of a better life for ones children, often
precipitate migration (Parreas, 2005). Specifically, gender, migration and
economic regimes discursively and structurally support the preparation of
docile bodies that can be enrolled in the flexible labour force, which in turn
sustains the global economic system and helps normalize migration as a
household strategy to address the difficulty of locating remunerative
employment in their home country (Hugo, 2005; Spitzer, 2010, 2013;
Wright, 2006). The transformation of Southeast Asian women into migrant
workers requires preparation and training throughwhat Rudyckyj (2004)
terms the technologies of servitude. Inscribing the values of selfabnegation, filial piety, and sacrifice for the good of the family onto the

bodies of predominantly female migrant workers, the dominant discourses

circulated by public and private stakeholders operate in tandem with
migrant worker training centres and tap into widely inculcated gender and
class ideologies to encourage the production and performance of malleable,
obedient migrant worker subjects who embody, perform, and reinforce
social stratification across global fields and local households (Spitzer, 2013).
As Ilcan et al. (2007: 80, cited in Raghuram, 2009: 110) maintain: The new
citizensubject is thus constituted as an assemblage of morality and
economic rationality who acts in socially appropriate ways, not because of
force or coercion but, because their choices align with their community
Philippine president, Benigno Aquino III, has committed in his Social
Contract with the Filipino People to move from a:
government that treats its people as an export commodity and a
means to earn foreign exchange, disregarding the social cost to Filipino
families to a government that creates jobs athome, so that working abroad
will be a choice rather than a necessity, and when its citizens do choose to
become OFWs, their welfare and protection will still be the government
priority.(Aquino, 2012)
In reality, however, the government continues to encourage labour
migration and counts on overseas remittances (which amount to an annual
$113 billion US worldwide) to sustain
familie sat home (Mangahas, 2009)
and to contribute to the Philippine economy. Notably about 60 per cent of
the funds received by family members are expended on the purchase of
daily necessities, while the governments share of these transactions is
directed towards servicing the national debt (Beets and Willekens, 2009;
Gaerlan et al.,2009; Rodriguez, 2010). In actuality, the Philippine
government is concerned with ensuring the flow of remittances. Discourses
of thrift and dedication to the hetero-normative family are embedded in
government initiatives that draw transnational families into the states
migration and reintegration apparatus. Nelson, from the POEA, recounted
their re-doubled efforts to keep a close watch on OFWs and their families to
encourage them to adhere to the governments stated agenda:
Were trying to develop a family tracking system of the OFWs, so that
we can in partnership with the local government authorities and the
churches and the NGOs, we can reach the families and guide them on
financial discipline, frugality and entrepreneurship. We have to do that.
Given all these data, therefore the bottom line on the impact of global
recession in the Philippine economy expressed in this quote by Professor
Solita Monsod, a foremost economist from the University of the Philippines
School of Economics and she says: The Philippines is facing the global
economic crisis from a much better macroeconomic position that it did in

the previous downturns. Notably the Philippines has a built up buffers to

withstand economic and financial stocksa respectable economic growth
rate which feeds job creation, low inflation, low interests rates, adequate
foreign exchange reserves, manageable fiscal deficit and external debts
level, well -capitalized banks with stronger balance sheets and
commitments to structural reforms----but there is no escaping the fact that
the Philippines will be affected.
The above study indicates that the most of the authors thought and
opinion about such topic were the same except from one. In the research
article of Alfie Maria R. Custodio and Alvin Ang they said that the crisis has
no direct effect on the 2 variable, migration and remittances, that idea
really contradicts the perspective of others saying that crisis had a
negatively effect on the said variables. Migration and remittances are
closely intertwined with each other. Migration is more than often a coupled
with remittances.
Additionally, because developed and developing countries were
assessed in this paper. I just wanted to clarify the connection between them.
The developed countries, this are pertain to United States for example
really affect the developing countries such as the Philippines when there
are experiencing such crisis. Most of the developing countries are
dependent to developed countries because the interaction between the two
sets of states tend to not only reinforce but also to intensify the unequal

Gaps and Limitation

This review was impeded a gap and weaknesses on how to address

the negative effect of global recession in the Philippine economy in terms of
migration and remittances. The authors showed a great interest in
examining and analyzing the effects and impacts of the crisis in the
economy rather than to propose coping strategies for global recession.

Abella, M., and Ducanes, G. : The eefect of the global economic crisis on
Asian migrant workers and government response.
Amantong, J. D. : The global recession and the Philippine economy:
Implications on educational institution, 1-6 pages.
Ang, A. P., and Custodio, AM. R., 2012: Impact of the global crisis on the
overseas workers and the families-left-behind: A snapshot of the Philippine
case, Vol 8, No. 3.

Ang, A. P., Jha, S. and sugiyarto, G., 2009: Remittances and household
behavior in the Philippines, No. 188, 1-23 pages.
Balboa, J. D., and Mantaring M., 2012: The impact of global financial crisis
on the labour market: The case of the Philippines, Series no. 2011-22.
Paul, J., and Ichinoise, R., 2010: Impact of global recession on developed
and BRIC countries, ICOAE 2010, 597 pages.
Spitzer, D. L., and Piper, N., 2014: Retrenched and returned: Filipino
migrant workers during time of crisis, Vol 48 (5) 1007-1023.
Zulu, P., 2016: the impact of the global recession on developing countries,
Acta16, 2011, 179-189.