Yesterday over a team lunch meeting my manager announced that our client's shares has plunged to record low levels and for that reason will be retrenching people from the outsourcing division - meaning us. The good news was that the US management has decided to keep the Philippine team and let go of some of the US team members. Smart decision since we get paid a lot less than our American counterparts. The bad news was that by March we will be on a 2.5 (3pm-12am) shift on a rotation basis to cover half of the US business hours. No one complained. That's better than having no job.
Late that afternoon I was IM'ing with a friend and she informed me of more grave news. Her company, which is a LARGE business, retrenched 500 of their people. She know a few of those retrenched. I know of only one.
The wrath of the economic crunch has finally reached Philippine shores.