Don't believe the media hype or distortions coming from politicians or so-called health experts trying to paint a doomsday scenario. There is no shortage of nurses in the Philippines. What we have is a shortage of Nursing position and the remaining positions salaries are very low (some are working or volunteering for free). Some are even paying to get clinical experience. The economy is the reason why they cannot create jobs or hire more people locally as that is the only place where they can cut in their budget (salaries of employees). The gov't is the biggest employer in the Philippines and they actually pay more than the private hospitals (which does not say much as all wages there sucks).
The so-called experts are relying on OLD and OBSOLETE data regarding manpower shortage. According to the LATEST data from the Philippines' CHED (Comm for Higher Education), there are more than 292,000 Nursing students right now. There are more than 400 nursing schools
across the islands. There were more than 40,000 examinees in the latest (June 2006) exams and there will be about the same number come December (they give the test twice a year). Granted that only 17,000 passed the exams, if you add the December passers, you will get more than 30,000 RNs in a year. So, I'm not impressed with the 48,000 over 10 years number that immigrated to the US. If Philippines is closer to the US like Mexico and Jamaica, there will be a lot more who will attempt to immigrate.
What they should worry about is improvement in quality of teaching and that is the fault of regulatory bodies and not the students who just want to help their families by being a professional in another country.