by teodorico t. haresco
The Philippines is a survivor, surmounting difficulties on our own in previous centuries, without outside help. Leapfrogs in development, achieved in spite of cultural, political, or economic hindrances, reveal we can weather chaos. This definitely applies in the present international economic crisis. Typically, we will certainly endure. Formed in early 16th century colonial times, when previously joined seaside peoples in Sumatra
, Borneo, Peninsular Malaysia, and Sulu-Mindanao broke from an archipelagic whole into separate states– the latter entering into the Philippines. As one of Asia’s youngest members in this Pacific Century, we stand to gain the most, being the most resilient, having discovered from our older “siblings”. Unconnected to the Asian mainland, the Philippines never truly gained from the socio-economic influences of the great Chinese and Indian civilizations, unlike Vietnam’s 10th Century Duong Dinh Nge Dynasty; Indonesia’s 10th Century Javanese kingdom, and Cambodia’s 12th century Khmer Empire. At the time we were a motley collection of islands. Yet by the 19th century, we had jumped to living in stone houses and having some exportable crops. However our words, like”Tagalog”(taga-ilog ),”Capampangan “( riverbank dwellers),”Bukid-non”(mountain dwellers )and “Tausug “(individuals of the waves), still show our archipelagic separateness and cultural divisions. 500 years back, we were never ever a nation; we were never great. Under this regime, we will lastly be unified; the advent of more ports, airports, and other facilities connecting our islands … and our peoples.
Our Golden era will certainly come. Searching in, Watching out Let us not be too harsh on ourselves. Our”crab mindset” stems from a Southeast Asian precapitalist trait of”redistributive economy;” caring for our personal tribe by taking what we can and distributing it appropriately. Young as we are, the entrepreneurial instinct to grow business and use individuals is underdeveloped– unlike
“matured”civilizations like China or India. Instead, we highlight a strange trait of spreading out wealth to loved ones and village. Observe our OFWs returning to house villages– a spiritual go back to birthplaces– after long periods. Yet in spite of this, we have actually fared relatively well: during the 1960’s, we leapfrogged to end up being Southeast Asia’s Second largest economy, following Japan. The peso-dollar exchange was Php2: US$ 1; and, unlike Metro Manila, no cities existed in Jakarta and Kuala Lumpur … simply jungles outside their capitals. The present economic meltdown shaking the US, is perhaps dued to what McCain
on CNN as “the reckless … corruption and unchecked greed … “Previous Fed chairman Greenspan recently proclaimed it the worst economic scenario”in 100 years … “including the Great Anxiety? As international panic sets in, infecting even us, the Administration, with constant sound fiscal policy and judgment, stands firm.
should too. Like previously, the 21st century will see us emerge on top, in spite of the current crisis. Our competitive benefit and most unique export, the OFW, will certainly save us. The leading 10 deployments are US( 4M), Saudi Arabia (2M), Malaysia (637k), Canada (438k), UAE (450k), Japan(260k), and UK,
Mexico and Taiwan (200k each ). These contribute a weighted average(the DFA tasks US$ 18B in remittances by end-2008, up 20 % from 2007’s US$ 14.4 B)from a basket of currencies, leading to an “market “more durable and lucrative than any industrialized nation’s production sector.
That basket of combined currencies alone is insurance versus Crisis volatility, and assists defray our imports (US$ 55.5 B, 2007). Our economic outlook is for that reason better. Double-digit OFW deployment and remittance growth, an estimated US$ 840B in untapped Mining capacity, shown oil reserves of 138 million barrels, and positioning as the potential Asian tourist hub, plus reasonably less costly expenses, will certainly leapfrog us. We’re much better off than the beleaguered US, and export manufacturing-dependent countries, like China, Japan and Korea. The storm hasn’t abated, however crisis brings chance. The following enumerates how we can keep the cash moving
. 7 Anti-Meltdown Idea Believe Entrepreneurial. Your business supplements cash circulation while employed, and supplants it, when retired. The technique is exactly what to get into: it might expand or bust. Business loans promote the economy; and fight economic stagflation. Stockpile. Buy stocks, local and US. Falling markets suggest a significant” purchase”signal. Look for bargain-priced blue chips, like Apple and Google. Purchase early though, for when you see the bandwagon, it’s currently far too late. Buy land. Land values generally value (disallowing significant disasters). Positioning your money in this most safe investment may secure you from volatility. You may lose however, if you need instant cash, so invest
truly surplus funds. Extend your sentence. Postponing retirement brings stable income, and benefits. Work suggests security and efficiency, at any age. Welcome Immigrants. Put simply, travelers bring dollars(US$ 5B in 2007 ), income, and financial investments; promoting economies in areas. Reduce weight. Offer idle assets– the 3rd Rolex, the
antique chair, the unusual painting. Money is king; it slumbering in so-called “investments “is lost chance. Conserve. Cash? Absolutely, however likewise on energy, food, rents and other expenses, too.