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Monday, 17 October 2016

Slumping Oil Prices Are Creating New Headaches for Duterte - Bloomberg

Slumping Oil Prices Are Creating New Headaches for Duterte - Bloomberg:

"After two years working in Saudi Arabia, Arman Abelarde packed his bags in September and went home to the Philippines, joining an exodus of foreign workers who have been a major source of labor in the Arab Gulf for half a century.
Abelarde made panel boards in Riyadh, but his company, like many in the kingdom, is firing staff as government contracts dry up, victims of the oil slump.
"I never imagined this would happen -- that Saudi would just collapse," said Abelarde, 47, taking a break from painting a two-story house in Manila, one of many odd jobs he’s taken to feed his family of five since he returned. "There were no more projects. Companies were closing left and right.""



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