As Philippines booms, overseas workers eye return home

QBREES9 · 06-03-2013, 10:54 AM

The executive sous-chef of a seven-star luxury hotel in Abu Dhabi packed his bags to take up a similar job back home in the Philippines.
He is one of a small group of like-minded Filipinos returning to jobs back home, a sign of confidence in an economy that for decades has seen millions leave in search of better prospects overseas.
Ragonjan now helps run a 300-man kitchen that caters to guests and high-rollers flocking to Manila's newest and most luxurious casino resort, one of 400 overseas Filipinos who came home to work at the hotel.
"The Philippines is booming at the moment, so I thought it was the right time to go back," Ragonjan, 41, said on a break from his 10-hour shift at the Solaire Resort & Casino in Manila Bay, developed at a cost of $1.2 billion.
The Philippines economy is leaving behind its reputation as a regional laggard. Last week, it reported annual GDP growth of 7.8 percent in the first three months of the year, outstripping China to make it Asia's fastest-growing economy.
Earlier this year, the government secured an investment grade credit rating, reducing its borrowing costs, while the stock market has reached a series of record highs this year.
Returnees like Ragonjan are just a trickle compared to those still leaving the country, but the hope is that the more the country can draw the diaspora back to the Philippines the more that the entrepreneurial spirit that prompted them to leave in the first place can add fuel to the economy.

http://news.yahoo.com/philippines-bo...home-014045511.

06-03-2013, 10:54 AM	#1
QBREES9 Moderator Join Date: Sep 2007 Location: New Haven Ct Posts: 23,989	As Philippines booms, overseas workers eye return home The executive sous-chef of a seven-star luxury hotel in Abu Dhabi packed his bags to take up a similar job back home in the Philippines. He is one of a small group of like-minded Filipinos returning to jobs back home, a sign of confidence in an economy that for decades has seen millions leave in search of better prospects overseas. Ragonjan now helps run a 300-man kitchen that caters to guests and high-rollers flocking to Manila's newest and most luxurious casino resort, one of 400 overseas Filipinos who came home to work at the hotel. "The Philippines is booming at the moment, so I thought it was the right time to go back," Ragonjan, 41, said on a break from his 10-hour shift at the Solaire Resort & Casino in Manila Bay, developed at a cost of $1.2 billion. The Philippines economy is leaving behind its reputation as a regional laggard. Last week, it reported annual GDP growth of 7.8 percent in the first three months of the year, outstripping China to make it Asia's fastest-growing economy. Earlier this year, the government secured an investment grade credit rating, reducing its borrowing costs, while the stock market has reached a series of record highs this year. Returnees like Ragonjan are just a trickle compared to those still leaving the country, but the hope is that the more the country can draw the diaspora back to the Philippines the more that the entrepreneurial spirit that prompted them to leave in the first place can add fuel to the economy. http://news.yahoo.com/philippines-bo...home-014045511.
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