This paper analyses the potential socio-economic impact of HIV disease in the Philip pines, with focus on the situation of two vulnerable populations: overseas contract Workers and sex workers. The potential impact of HIV disease is examined in the context of recent developments in the Philippines, including the economic recession, widespread poverty and income inequality. The contributions of overseas workers and sex workers are then reviewed, both at the macro- (national) and micro- (household) levels. The impact is examined in terms of lost income, costs of medical care and sociopolitical disruption.