Brexit will affect the Philippines one way or another

Monday, June 27, 2016

After all the good news that we've had a couple of weeks ago, we will face the biggest bad news that we've encountered by far this year, and that is when the United Kingdom of Great Britain has decided to leave the European Union (EU) just last week.

Great Britain has been part of the Union for 43 years. As part of the EU, the country takes part in its trade agreements. The "Brexit," as they call it, has brought in panic among investors, as it gets Great Britain back to scratch, leaving its residents, immigrants, investors and all worrying about their future.

What's worse, is that it seems the promises of leaving the UK will not be upheld at all, as news reports show that the ones who were leading the campaign had a major miscommunication with each other. The issue of immigration was among the reasons why the majority of the country's older generation has voted to leave the Union. The country's prime minister, David Cameron, has declared his resignation effective October.

Meanwhile, in Asia, the Japanese Yen is being monitored closely for developments, as it is said that the Yen is a safe spot. The Philippines is not safe, and will be affected by the Brexit. At the moment, the US Dollar is at 47 pesos, compared to the exchange rate of 44.88 pesos last June 18. This has a big impact on Filipinos who are working or residing in the UK as well, according to an economic expert.

Now, there are reports that its citizens are regretting the vote, and there is now a movement to nullify it. One thing is for sure at the moment: This news should be observed closely, as it has already affected the EU, the Euro, and even other countries. The Philippines, whether we like it or now, will feel the effects of the Brexit, especially those who rely on the Great Britain Sterling (GBP, also known as the British Pound).

There are lots of ideas and concepts on doing business in the Philippines at the 7th Philippine Business & Entrepreneurs' Expo this August 26 to 28 at the SM Megatrade Hall in Mandaluyong City. You can talk with fellow entrepreneurs, or just observe and gain knowledge to polish your business and expand it further.

This event is organized by business event organizer Ex-Link Management & Marketing Services Corporation. For inquiries and partnerships, call telephone numbers 633-01-53, 643-3887 or email Ex-Link Events is also on FacebookTwitter and Instagram.

You Might Also Like


Total Pageviews