The financial crisis which is impacting banks and economies in most industralized nations is having an even more profound impact on nations which export workers to the rest of the world. At any given time, an estimated ten percent of the population of the Philippines is hard at work in another country. Last year the Filipino workers sent home about $14 billion which represent about ten percent of the gross domestic product of the Philippines. Overseas employment has been an escape valve for the nation which needs to export workers or face the prospect of an enormous unemployment factor in the country.
A world wide recession could impact, not just Filipino workers, but those from societies such as Bangladesh or India which also export workers. More than two million Filipinos work in the United States and are sending home billions. If a recession requires cut backs in work and that impacts migrant workers, the results will be economic, social, and political disaster for many countries. For example, hospitals in many nations employ of Filipino doctors and nurses. How could they function without these workers?