DOLE monitors U.S. credit downgrade on OFW deployment

South faƧade of the White House, the executive...
The Department of Labor and Employment (DOLE) is monitoring developments on the credit rating downgrade by Standard & Poor’s of the United States, even if this, according to Labor and Employment Secretary Rosalinda Dimapilis-Baldoz, would have only minimal effects on the deployment of overseas Filipinos to that country.
“We are closely watching how the credit rating downgrade of the U.S. by Standard & Poor’s will unfold and how it will impact on the deployment of OFWs to the U.S. As I said, there would be no massive layoff of OFWs in the U.S. despite the economic crisis there,” said Secretary Baldoz.
Noting that Bangko Sentral governor Amado Tetangco has downplayed the effects of the credit rating downgrade on the Philippine financial market, Baldoz said it is too early to tell how the downgrade will play up on the employment of Filipinos in the U.S. where the Philippines’ deployment of new hires and rehires stood at only 3,705 OFWs as of the end of 2010.
“In 2010, we deployed only 3,705 OFWs to the U.S. compared to 6,248 OFWs in 2009,” said Baldoz, adding:
“Most of them were farm and hotel/resort workers holding H2B and H2A visas.”