THE CRISIS ON WALL STREET in the United States has spilled over to Main Street and causing shivers in financial markets across the globe.

Here at home, worries abound on how these will play out, especially for the army of more than eight million Filipinos working overseas, who have virtually created a cocoon of wealth for the economy in the last few years.

We have interviewed Filipinos working in different continents on how their savings, investments and outlook on personal finances are affected by the massive loss of confidence in financial markets worldwide. The responses have been slightly edited, but are essentially published here as they wrote them.

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I currently work in the headquarters of a global company with a large business interest in the Philippines. The current global crisis will eventually blow over and we will move on just like we did with the others. It's just a question of how soon. I can't do anything about it, so I try not to make gloomy news worry me too much.

I just have to keep reminding myself that if the worst thing that can happen is to lose my job, my possessions, and all the comforts I currently enjoy, for as long as I am healthy and still have my faith and dignity, I can always bounce back. It just makes for an interesting journey.

I have no dependents, so it is easier for me. I can always go back to my grandparent's shack in Ilocos and plant kamote if I have to. My cousin who is a bonafide OFW said he is not really affected by the crisis since his type of work is in high demand. He will always find work like my cousin-a registered nurse-who is also outside the Philippines. Both of them saved like crazy so they have a lot of reserves in the Philippines, both liquid and otherwise. Meanwhile, my seemingly rich friends here with the large houses and luxury cars now complain, "Sa Pilipinas noon, wala nga akong pera, pero wala naman akong utang (Back in the Philippines, I did not have money, but I did not have any debt either)."

I am, by nature, frugal, but now, with the exception of the basics (food, clothes and shelter), I am on a spending moratorium. Vacation plans abroad, except those that have been prepaid in advance, are on hold indefinitely. Plans to adopt a baby by next year may be scrapped altogether. I continue to automatically deduct money from my main account to another bank account for my scholar in the Philippines whom I have never met, and I will honor commitments I have made for a school project somewhere in the suburbs.

My personal savings are FDIC-insured up to $100,000, and the retirement funds up to $250,000 so no changes there. I would invest more but I am holding off for the bottom. Meanwhile, I continue to put in the same amount in my 401K even though it dropped 20 percent.

I have capped off my bonds a year ago-which also serve as part of my emergency fund. For the more liquid emergency fund, I have it in an Internet-based bank, which gives higher interest rates. If there is anything at all that I learned from all of Ciel Habito's graphs that made me cross-eyed then, it is this-this so-called crisis is just part of the cycle. I will just ride it out. I am young; I can wait for stocks to rebound. But I do not agree that governments should bail out businesses that have been irresponsible.

I plan to continue keeping a low profile at work (the more senior managers are always the first to get axed. Seventy five percent of the lay-offs last Christmas were vice presidents and directors). Keep an eye on an education-oriented franchise business that I am also involved in-it lost about 20 percent of customers this year and is not getting new ones fast enough. People have stopped spending on non-essentials!

I can keep dreaming of winning the lotto so I can be a full-time philanthropist but I figured if I really want it, I have to go get it myself. So I am currently working on another business concept that is not a franchise, but has great promise. This has been keeping me busy lately, on top of studying for another certification. God is good. Things can only get better. --DB, USA

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I'm an Igorota from Tublay, Benguet, 18 kilometers away from Baguio City. I'm 34 years old and the mother of two boys, Lukie and Dylan-6 and almost 2 years old, respectively. Make that three as my husband, Boogie, sometimes thinks he is my son. We've been here in Italy for seven years now after working two years in Malta.

My husband works as a porter in one of the top hotels here in Venice. He's been with the company for four years now. The current global financial crisis did not have a deterrent effect on clients. However, our household is affected by the increasing cost of living. It is only compensated with the "mancha" (tips) he receives, but if the trend of soaring bills and the increasing prices of commodities don't cease, we might not keep up.

Just this June, we were charged a 10-percent increase on house rent. City services (gas, water, electricity and garbage collection) now cost 50 percent higher. "Abbonamento" (a month prepaid ticket for bus and boat) increased twice during the summer.

We are confident we can cover home expenses, but luxuries like vacationing in the Philippines will be put on hold. The original plan last year was to go home this coming Christmas. With our plane ticket alone costing 1,250 euros each for my husband and I, and 1,120 for each our kids, these would cost around P300,000 if converted to Philippine money. The last time we went home, the 5,000 euros (P300,000) allotted for our daily expenses was not enough to sustain us for our 45 days of stay. We had to borrow some amount during our last week.

Another plan that has been put on hold is applying for a house and car mortgage. For now, we can't afford to spend more than what the family is earning. I believe that we don't really feel the effects of this ongoing crisis because we don't have debt, and we try not to want more of this and that-like an iPhone, a MacBook and such. --Norissa Marie Dacawi "Lovelyn": Italy

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I have just recently quit my job as director of finance in one of the largest housing authorities in the United States with over 3,000 employees. I've been unemployed since July 2008; however, I have just accepted a job in Chicago as director for one of the largest development corporation dealing with housing tax credits, asset management and property investments. I expect to start very soon. I've been working in the United States for over 21 years now.

My 401-k (read: retirement) is now down 15 percent. Two weeks ago, I felt comfortable because my retirement money is with Wachovia, where it sits at the moment. Suddenly, Wachovia is in the news. It's bad enough that I have increased my monthly remittance to the Philippines because of certain fixed expenses back home.

As you can see, Filipinos here in the States took a direct hit from the subprime crisis, from our retirement investments to our mortgage that can't be refinanced, to our rising credit card interest. Loans are now difficult to find. Worse, applying for one is even more difficult. So, we've cut down on a lot of unnecessary expenses and travels.

Thing is, I don't invest in Manila because I am not very familiar about the local investments procedures and I have had lousy experiences as a bank customer there.

However, I will never let those sick Wall Street people dictate my life. I am being prudent in all of my expenditures and wiser in spending money. My strategies are to stay put, cut down on expenses, find more extra income, and continue to be cute and happy. I was planning to go home and find a job in Manila. When all of these investment houses started tumbling down, I asked myself if it would be better for me to stay here. I'm still thinking. --Edwin Jamora, USA

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I am a stay-at-home mom with two girls, ages 4 and 6. My husband works in a bank here in Germany, a country I've been calling my second home for more than seven years.

The news here in Germany is that the financial fall in the US will not be felt greatly because we have enough reserves, etc. etc. As of now, am not panicking as I still get to keep my credit cards and my husband hasn't restricted me into an allowance.

The problem is that the prices of commodities in Germany, which have been rising before the crisis, just won't stop going up. Butter, which used to be for 49 zents is now up to 89 zents and that's just an example. We have also noticed that before, we could already have a cart full of groceries for 50 euros; now, we pay 80 euros and we only have a few pieces in our cart.

Even before the global crisis, we have already worked on some saving measures. We're a creative and resourceful family so I am sure we would be able to work around it. We used to shop at specialty stores, now we visit more discount stores. I visit flea markets and garage sales, which used to be a taboo for my husband.

I have also stopped visiting online stores like eBay and Amazon. I am trying to curve my buying impulses. You see, I know and I feel something is really changing. I just know that there would be less weekend out of town trips and restaurant visits; and we might have to celebrate again at home instead of in theme parks.

Good thing we already saved a lot when it comes to some basic needs such as fruits and vegetables. We are lucky enough to have a big garden in our backyard and in the mountain, where we could harvest more than enough fruits and vegetables during the summer months-most of them we freeze for use in the winter.

Our Halloween decors are all homemade or they came from the garden, so no need to give out money. This might also be said for Christmas decors, too.

Did the global crisis affect our priorities? I don't really think so. We still have the same Christmas lists, the same Christmas budget for the whole family as before. We still are going on a planned winter holiday in Austria next year. We still plan for our 2010 visit to the Philippines. And we are enthusiastically working on our big, big dream. It would involve a lot of money. --Rachel Erhard, Germany

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I have been here in the US since 2001. Like most Filipinos, I came here armed with nothing but hope for a better life. I never planned on living here the rest of my life. I was to make more money in less time and get the hell back home. At least that was the plan. You see I have three wonderful kids that I had to leave.

The strengthening of the Philippine peso pushed my family and me back on the financial side. I know having a strong peso saves the country a lot of money, especially when it comes to servicing our national debt. But however stronger the peso becomes, we in the middle and lower class could not feel its supposed positive effects on the economy. The same amount of money I am sending one or two years ago wouldn't suffice anymore. And I can personally see that every time I go back. The cost of living expenses keeps getting higher every year. We just could not keep up.

That was when the economy was good.

Now the US is in recession. Even if they pump that $700 billion reserves back into the market, we know that it is going to be just a quick fix. I can't help but feel anxious about the whole thing.

Personally, whatever savings I have left in the money market is almost decimated by the fall of huge companies here in US. My initial plan of going back home for good didn't simply take the backseat; it went out of the car too. --Ross Delgado, 36, USA