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Who else tinks GMA is full of it ?
Who really believes the Philippines is "immune" to the worlds financial crisis ? What is so special about the Philippines when first world country's like the U.S., UK, and Australia have fallen ? I think GMA is full of it. What do you think with the Philippine peso droping one whole Peso in 24 hrs ?
3 Answers
- 1 decade agoFavorite Answer
I don't think the Philippine economy will suffer the fate of Iceland or even the US. This all started with bad loans, that spilled over the financial markets. Compared to the Philippines, banks here are highly regulated and loans are not easy to get by therefore avoiding too much losses. Also only a few companies in the Philippines are invested in the US. The next move of the Philippines is to target Chinese consumers as US consumption slows down. In short, the Philippines is used to hard times and would know how to scrape every inch of food out of a plate.
- Yak RiderLv 71 decade ago
I got a real good laugh when I read her statement.
The entire industrial world's economy is about to go down the toilet. Exports from places like the Philippines, China and all of South Asia are going to be hit extremely hard.
The price of oil is dropping like a rock. Any fool should be able to predict the impact on OFW's. I guess Her Majesty hasn't figured it out yet, it's the OFW's money that keeps the entire country afloat and most OFW's are work in the Middle East and are paid with oil money.
