Civil unrest swept across the Middle East and North Africa. The mass uprisings began in Tunisia in January and spread like wildfire to other countries in the region. Long-entrenched absolute rulers like Hosni Mubarak relinquished power.
For the Philippines, the Arab world’s pockets of political crises had wider economic ripples aside from the feared drop in OFW remittances. In 2010, 81 percent of oil and fuel products the Philippines imported came from the Middle East.
The Aquino
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