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)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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