MANILA, Jan. 9 (Xinhua) -- Philippine exports as well as Filipino local and overseas employment would be greatly dampened by a possible U.S. recession but this would also be the best opportunity to lessen dependence on the world's largest economy, experts said on Wednesday.

    Signs of a looming U.S. recession became evident last year due to high oil prices, thin volume in financial markets and the weakness of the dollar, Philippine TV network ABS-CBN News reported, citing Leonor Briones, University of the Philippines (UP) professor and former national treasurer of the Philippines.

    Briones said that the effects on the domestic economy would be immense since the United States is the Philippines' largest trading partner.

    Among others, she said local employment would be the most hit, with the booming call center industry, which caters to the U.S. market, seen to implement cost-cutting measures like office closure and job layoffs.

    Abroad, the big number of nurses and caregivers will be reduced and those working in the United States may not obtain security of tenure.

    However, Briones said that a U.S. economic recession is the best reason for the Philippines to shift resources to other nations like Japan, China and the European Union members.

    Meanwhile, another UP professor and former socio-economic planning chief Felipe Medalla said he does not see a US recession coming.

    "There is a slowdown in the U.S. growth but not totally a recession."

    Medalla noted that this slowdown also impacts the country's exports, given the fast appreciation of the peso.

    But he said the amount of foreign debt that the country is paying would be lessened.