The net impact of a US downturn on Philippine growth will depend on how the Philippines’ other major trading partners are affected by developments in the US. Remittances are another important channel through which the US economic slowdown could manifest itself in the Philippines. Latest data show that about 1/3 of our land-based workers are in the US.
2  BIS Review 17/2008  The diversification in deployment in terms of destination and quality of skills, could temper any expected slowdown in remittances from a weakening of the US economy. A second major concern for us is the possibility of further global financial market turbulence.