And so the crisis continues. The world’s largest and richest economy crashing right before our very eyes. Nobody ever thought something like this could happen. Specially the Americans themselves. They thought theirs is a life of perpetual luxury and wanton excess. Now they know better.
Pero hindi ako worried if the rich New Yorkers lose their 5th Avenue penthouses. Paki ko. O kaya mailit ang mga porche at jaguars nila. Paki ko. If this is the time na maranasan nilang mabuhay just like the rest of us, so be it. The change might do them some good and bring their feet back to the ground for a while.
Tulad ng sabi ko na dati, what really bothers me is the effect of this debacle. Dahil yon nga, an economy as frail as that of the Philippines may suffer from the ripple effect of this financial crisis. We may be halfway around the globe from the US. Pero ang dating ng shockwave nito sa atin can be felt like the source is just a few meters away.
One immediate effect, and very possible at that, ay ang headline sa mga tabloid sa atin ngayon. It’s about one politician who’s speculating on the effect of this crisis on the OFW’s. Sabi nya, the US financial crisis may lead to companies cutting down on staff, if not totally closing shops. And this will be bad news for hundreds of thousands of Pinoy workers strewn all over the North American continent. Ganon din daw ang pwedeng maging scenario sa Europe at Japan kung saan marami ring Pinoy migrant workers.
If it happens, the estimated 1.4 to 1.8 billion US$ monthly remittance from OFW’s can be reduced significantly. And that will be a grim picture for the Philippine economy wh
ich has been hanging on to dear life via this OFW remittance.
And, as if the macro effect is not enough, mas masakit ang epekto nito sa buhay ng mga migrant workers na ito if they lose their jobs at umuwi ng Pinas. Ano ang gagawin nila para suportahan ang kanilang mga pamilya? Put up a business sa isang ekonomiya where small businesses can drop like swathed flies? Not everyone can be Gabby Concepcion and head towards showbiz (though I wouldn’t envy his situation right now).
Wag naman sanang mangyari.
And now that the US$ 700 billion rescue package was already approved by the US government, sana nga makabawi ang economy nila. Again, not that I care kung ano ang mangyari sa mga kano. But if their economy can resurrect itself from this bail out package, mawawala ang source ng lagnat na pwedeng maging kumbolsyon sa Pilipinas.
Kahit US, Europe at Japan ang nabanggit sa speculation ni politician at hindi directly threatened ang tulad nating mga nasa Middle East, I'm still praying na wag lumala ang sitwasyon. Coz we will still fill the pinch kahit anong mangyari. One way or another, we and our families will also suffer pag nagkataon.
Pero hindi ako worried if the rich New Yorkers lose their 5th Avenue penthouses. Paki ko. O kaya mailit ang mga porche at jaguars nila. Paki ko. If this is the time na maranasan nilang mabuhay just like the rest of us, so be it. The change might do them some good and bring their feet back to the ground for a while.
Tulad ng sabi ko na dati, what really bothers me is the effect of this debacle. Dahil yon nga, an economy as frail as that of the Philippines may suffer from the ripple effect of this financial crisis. We may be halfway around the globe from the US. Pero ang dating ng shockwave nito sa atin can be felt like the source is just a few meters away.
One immediate effect, and very possible at that, ay ang headline sa mga tabloid sa atin ngayon. It’s about one politician who’s speculating on the effect of this crisis on the OFW’s. Sabi nya, the US financial crisis may lead to companies cutting down on staff, if not totally closing shops. And this will be bad news for hundreds of thousands of Pinoy workers strewn all over the North American continent. Ganon din daw ang pwedeng maging scenario sa Europe at Japan kung saan marami ring Pinoy migrant workers.
If it happens, the estimated 1.4 to 1.8 billion US$ monthly remittance from OFW’s can be reduced significantly. And that will be a grim picture for the Philippine economy wh
ich has been hanging on to dear life via this OFW remittance.And, as if the macro effect is not enough, mas masakit ang epekto nito sa buhay ng mga migrant workers na ito if they lose their jobs at umuwi ng Pinas. Ano ang gagawin nila para suportahan ang kanilang mga pamilya? Put up a business sa isang ekonomiya where small businesses can drop like swathed flies? Not everyone can be Gabby Concepcion and head towards showbiz (though I wouldn’t envy his situation right now).
Wag naman sanang mangyari.
And now that the US$ 700 billion rescue package was already approved by the US government, sana nga makabawi ang economy nila. Again, not that I care kung ano ang mangyari sa mga kano. But if their economy can resurrect itself from this bail out package, mawawala ang source ng lagnat na pwedeng maging kumbolsyon sa Pilipinas.
Kahit US, Europe at Japan ang nabanggit sa speculation ni politician at hindi directly threatened ang tulad nating mga nasa Middle East, I'm still praying na wag lumala ang sitwasyon. Coz we will still fill the pinch kahit anong mangyari. One way or another, we and our families will also suffer pag nagkataon.
And that's bad news for us as well. Nag-a-amortize pa si Jun C ng kanyang mansion. Irwin still has to buy his Alto. Gagawa pa ng junior si Raoul. Mag-to-tour pa sa Europe si Orlee. Ricky still have to see his little girl win the Bb Pilipinas crown. Vayren still has to go to SAP Academy. Mag-aasawa pa si Edgar. At malaki pa ang utang ko sa Visa. Besides, 100,000 pesos lang yata ang coverage ng PDIC. Syempre ayaw kong mawalan ng saysay ang pinag-paguran ko ng maraming taon sa Saudi. Huwag naman sana.
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