Mr Lee Posted April 3, 2009 Posted April 3, 2009 Hard times are coming to the Philippines, how is all this going to affect expats? Exports plummet 41 percent in January to their lowest level in eight years as demand tumbled amidst the worldwide slowdown.http://www.myph.com.ph/myph_business.htm Link to comment Share on other sites More sharing options...
Mik Posted April 4, 2009 Posted April 4, 2009 I think there will be inflation worldwide and I hope the peso will keep pace with foreign currencies as they free fall together. The dollar will buy less but so will the peso. Oil and food are going to get expensive. Link to comment Share on other sites More sharing options...
johnrxx99 Posted April 4, 2009 Posted April 4, 2009 But it may take a while Mike. Inflation will mainly be caused I think as a result of quantative easing (printing money) and the RP hasn't done that. Thus inflation is more likely to hit the west more than the east and that means the value of their currency will fall against the east. So it may hit us expats more than the Filipinos.While the recession lasts, forecasts suggest oil will be kept down around the $50-$60 mark for most of this year and the same for basic commodities. As the world recovers through 2010 then inflation should take off but some say it will be stagflation, ie wages not going up because of unemployment but commodities rising because of increased production.Who knows? What is changing as the G20 showed is the east/west balance. Europe and the US have been humbled by letting their banks nearly destroy the worlds financial system, which is not over yet, and the east will not let us forget in a hurry.Sorry to have gone on too long. Link to comment Share on other sites More sharing options...
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