This is really bad news for the many overseas Filipino workers in Saudi Arabia.
The once affluent kingdom is slowly going down its knees.
Western observers now predict that not too far in the near future, it will run out of money.
One most hit hard is the construction sector as the Saudi government already cut spending.
It is the same sector where the bulk of Filipino engineers and skilled workers get their employment.
One culprit in its economic downturn is the falling crude oil prices, which prompted the IMF to estimate that KSA “will run out of cash in five years” and go broke thereafter.
Wanting to avert the tight situation, Saudi Arabia is said to be planning to sell its international bonds to cover the huge $87 billion budget deficit expected this year as reported by the Financial Times.
Already, many OFWs are reporting their sad plight, as salaries and wages are now delayed if not being withheld by employers.
Fortunately, the Philippine government, through the Department of Labor has a plan, below.
https://cbanga360.net/2016/02/government-contigency-measure-ofws-displaced-oil-price-dip-talkies/
#Saudi Arabia will face cash crunch soon – expert https://t.co/5Qsw4vrMf5 pic.twitter.com/DePgWxQp6K
— RT (@RT_com) March 10, 2016
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