Fred the ofws if they don't have the cash can't send it back and they won't get credit here in the UK if they have no credit history, don't own propety or have already overstrecthed themselves. If the partners 2nd income in a non goverment job disspears then things are tough.
Also Nursing and teaching the wages and chances for promotion will plumment as already i noticed in both schools and hospitals british women and some men are returning to careers they put on hold for families or whatever. As the mortages start to require more attention along with the houshold bills.
With more people competeting for jobs in the fields they will only get goverment inflation figures not realistic increases at all. Promotions and grade rises will be far harder to come across.
Also surely many Phill ofws and phill-western couples will have got loans for houses, condos and surely whether the loan was raised in the work country or back in phil, if they can't afford the payments and upkeep
Sub prime was lending to people who can't afford the repayments in my simple view. If the exchange rate says you can't afford it then it don't matter if the bank was not in the "sub prime" market.
I can think of plenty of products in the IT industry made in phill but if the costs increase roughly 20 percent and may get worse then the companies will find another location.
Already tosh laptop have moved from phill to china, will it suddenly find it cheaper to manufacture the other products made in laguna elsewhere? Thats 6500 jobs and all the support industry wiped out.
