MANILA, Philippines – The National Economic and Development Authority has allayed fears that a full-blown financial crisis could occur in Dubai and displace Filipino workers.
NEDA Director General Augusto Santos said the Dubai government and the central bank of the United Arab Emirates have taken steps to save the debt-ridden Dubai World, the investment arm of the government of Dubai.
Dubai World has defaulted on an estimated $60 billion in debt, he added.
President Arroyo has ordered the Department of Labor and Employment (DOLE) to prepare for the possible mass layoff of overseas Filipino workers (OFWs) in Dubai.
The DOLE said it is prepared to relocate the OFWs in Dubai to other countries in case of a mass layoff.
However, Santos said the crisis has eased now that the Dubai government has indicated that it will rescue Dubai World.
The ruler of Abu Dhabi, the richest emirate in the UAE, has committed to save Dubai World from its debt problems.
Concerns have been raised that the level of OFW remittances could go down significantly if the crisis in Dubai worsens and workers are laid off.
With so many OFWs in Dubai, the debt crisis could end up costing the Philippines $300 million in remittances, according to the Trade Union Congress of the Philippines.
Dubai World also has some exposure in the country through Dubai Ports World, which has operations in Manila.
In the past, the group has also indicated that it wanted to expand its port operations to Cebu and develop some resorts and hotels in the country. -– Marvin Sy, (The Philippine Star)
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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