It's irrelevant if you are directly employed or are a contractor in an airline in Asia where the minority of the workforce are ex-pats, as the ex-pat will always be the first to suffer in the tough times. I would rather be with a contract agency, as at least there is an intermediary that you can liaise with. If you were employed directly, I doubt any local pilot union would be willing to make much effort to look after ex-pats who are on more generous terms and conditions, at the expense of their own peers.