Government contigency measure for OFWs displaced by oil price dip are all talkies.
Quick to beat the punch and react, the Philippone government in a press release said it is ready to absorb overseas Filipino workers (OFWs) who will return home as oil-producing countries decided to freeze oil production to stabilize petroleum prices.
Saudi Arabia and Russia, two major oil producers, agreed recently to cut production to normalize oil prices that fell massively in the past few months.
It is everybody’s guess on how the government will act, other than just acknowledging, the concerns of OFWs who might be laid off as a result of the halt in production by major oil producers especially in the Middle East.
Labor Secretary Rosalinda Baldoz made statements that OFWs will find assistance by way of looking for alternative markets and livelihood assistance in case they decide to come home.
Economists said the government must attract more foreign investments to enable the country to create more jobs and ease the impact of the possible return of 2.3 million OFWs in the Middle East that may be affected by political turmoil and massive decline in petroleum prices.
Some OFWs are already preparing to return to the country, cutting short contracts as employers default in payment of their salaries and wages.