The worst effect of the economic recession has yet to be felt in the Philippines and yet, just the other day, it was announced in the news that some 60,000 workers will loose their jobs during the first quarter of this year 2009. This effect was early seen as one of the biggest indsutries that put a business here in the Philippines already declared a total pull out of one of their biggest factories located in Cavite.
This company is Intel, a multi national corporation that has been in operation for over 30 years. An estimated 2,000 initial was allegedly to loose their jobs to the effects of the economic recession in the United State and Europe. Thsi by far is even worse than the 1997 economic turndown according to the Department of Labor and Employment.
