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When Americans failed to pay for their housing loans, it triggered a domino effect that resulted in an economic slowdown, ultimately forcing thousands of overseas Filipino workers to go home jobless.

It remains unclear how many Filipinos have been laid-off as the figures differ from one government agency to another. But this much is known: at least 3,000 Filipinos from export-dependent destinations like Taiwan, Macau, and South Korea have been affected by the US-led crisis.

The Philippine government's response was to draft a contingency plan that included re-employment and livelihood assistance to affected overseas Filipino workers and the search for other labor markets in crisis-resistant countries in the Middle East.

The economic crisis has also brought about different perspectives. Filipino economists predict a grim year for OFWs in 2009 as they are expected to send less money home come second quarter.

For its part, the government remains optimistic that the resiliency of OFWs will prevail and buoy the country's remittance-dependent economy.

GMANews.TV © 2008