The world wide economic crunch will claim 800,000 jobs

The Philippines is now feeling the effects of the world wide economic slowdown.

The country is on a waiting game as to how the ill prophecy of economic planning secretary, Ralph Recto will turn out.

Recto forecasted that over 800,000 jobs are in danger of succumbing to the tidal wave that's set to hit the country's shores since last year. This projection is about three times the initial estimates and are mostly with jobs in the import/export, manufacturing, and IT Industry.

As the microchip giant announced closing it's Manila operations earlier at the start of the year, hysteria took the first 3,000 or so employee's of the mighty Intel, Inc; some recieving the notorious pink slip during the christmas holiday's of last year. This pretty much served as a baseline to which other companies in the IT and manufacturing sector seems to follow as we see lay-offs after lay-offs being plastered on the tabloids and broadsheets daily.

This figure does not take into account the 900,000 new graduates that will be joining the workforce come summer 2009. I'm seeing nothing but a bloody year ahead for the country's unemployment rate with the economic slowdown further claiming more of the country's OFW workforce.

An estimated 8.5 million OFW are presently rattling in their shoe's as the year's first quarter usually spells contract renewal period for our overseas kababayan's.

Using deductive reasoning, the initial conservative projection voiced by the economic consultant at Fitch Ratings of 2.5 percent growth rate may be in trouble as Q1 approaches.

Makes you wonder whether your job will be on the statistics by Q2 of this year.