Philippine Economy Near Collapse – Employment and Reserves Plunge
Feb. 11, 2014 (LPAC) — The Philippine economy is facing rapid collapse, just as the U.S. is counting on it to serve as an air and sea base for Obama’s war on China. Obama’s puppet President Noynoy Aquino has loudly proclaimed the great Philippine recovery over the past year, but the reality of growing unemployment and hunger, together with the capital flight due to the global economic crisis, has suddenly brought reality to the fore.
Between September and December, according to a survey by the Social Weather Station in Manila, unemplyment leaped by 6%, to 27.5%, an increase of 2.5 million Filipinos who have lost their jobs in a mere three months.
At the same time, the nation’s reserves have collapsed in the past two months by $4.7 billion, to $78.9 billion at the end of January. In addition to the capital flight, it must be noted that the nation’s reserves depend primarily on the remittances from the millions of Filipinos who are shipped overseas to work, and therefore the economic breakdown in the West will also cut into this steady flow of cash into the Philippine economy.