Comments on: What are the implications of the emerging middle class from OFW families? http://reynaelena.com/2007/08/21/what-are-the-implications-of-the-emerging-middle-class-from-ofw-families/ Mon, 06 Feb 2012 20:55:02 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: JHVRothschild http://reynaelena.com/2007/08/21/what-are-the-implications-of-the-emerging-middle-class-from-ofw-families/#comment-20216 JHVRothschild Wed, 22 Aug 2007 06:51:36 +0000 http://reynaelena.com/2007/08/21/what-are-the-implications-of-the-emerging-middle-class-from-ofw-families/#comment-20216 I think the Government is really warped. Remittances are a huge deal, but I don't think they should shift their focus strictly to OFW's. What about creating opportunity at home? Sending skilled workers for years at a time away from their families is not the norm. OFW's are not a natural phenomena. It's a byproduct of failed governmental policies and the pseudo-oligarchy that has risen after Marcos fell. Right now, most of the wealth is still concentrated on the very few. For a true middle class to emerge, the rich will have to give up some of their land, money, and power. The ever-resourceful Filipino has had to look to faraway lands just to feed his family. As far as investments, I think most Filipinos invest into tangible things ie, house, land, jewelry, small businesses. I think the general distrust of the Philippine Stock Exchange is really what's keeping investments from doing as well as their other Asian counterparts. Let's face it. Insider trading runs amock in the Exchange and to partake it's advisable that one should be a member of the Makati Business Club. It's all about trust. Will you trust your money to a trader in the Exchange? Do you feel that the exchange is trustworthy enough that you can sink a lifetime of savings in there? I think not. Also, the political stability affects the Exchange, more so than any other country. Another EDSA Revolution will send it tumbling. I think the Government is really warped. Remittances are a huge deal, but I don’t think they should shift their focus strictly to OFW’s. What about creating opportunity at home? Sending skilled workers for years at a time away from their families is not the norm. OFW’s are not a natural phenomena. It’s a byproduct of failed governmental policies and the pseudo-oligarchy that has risen after Marcos fell. Right now, most of the wealth is still concentrated on the very few. For a true middle class to emerge, the rich will have to give up some of their land, money, and power. The ever-resourceful Filipino has had to look to faraway lands just to feed his family.

As far as investments, I think most Filipinos invest into tangible things ie, house, land, jewelry, small businesses. I think the general distrust of the Philippine Stock Exchange is really what’s keeping investments from doing as well as their other Asian counterparts. Let’s face it. Insider trading runs amock in the Exchange and to partake it’s advisable that one should be a member of the Makati Business Club. It’s all about trust. Will you trust your money to a trader in the Exchange? Do you feel that the exchange is trustworthy enough that you can sink a lifetime of savings in there? I think not. Also, the political stability affects the Exchange, more so than any other country. Another EDSA Revolution will send it tumbling.

]]>