Over the Christmas season the shopping malls were full and people spent, albeit much less than what they used to spend. It was as if there was no economic crisis. The explanation of financial experts was that most overseas Filipino workers (OFWs) refrained from spending abroad and instead sent the money to their families, which was great for our economy.
But there?s no belying the fear that, as businessmen have pointed out and Malacańang now stresses, if the Philippines doesn?t seem to be as badly affected by the global crisis as other countries, it will feel it this coming year. The layoff by Texas Instruments of 400 workers could be an omen of things to come.
It came closer to home for us, with the brother of our cook, Marie Latap, who had left for employment as a construction worker in Saudi Arabia just four months ago, now put on a half-day work shift. Eusebio A. Latap is coming back this February. Labor officials downplay the prospect of OFWs losing jobs, but it is bound to happen and we have to brace up for it.
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President Gloria Macapagal-Arroyo has called for less political bickering and more unity among Filipinos, so that we can help government cushion the effects of the global financial crisis. In various parts of the world, peoples are turning to address their own crisis and we can do no less here. We have to support Ms Arroyo?s appeal and do our share to cushion the impact especially for the poorer sectors.
Finance experts point out that the best way to crank up the economy is to invest in more infrastructure spending, and I am glad that Filipino businessmen, led by the Philippine Chamber of Commerce and Industry, have offered to invest P100 billion in infrastructure projects to help free some government funds for the delivery of basic services to the people. All they want is a government guarantee and vigilant monitoring of the way the funds are used. The offer is an unmistakable vote of confidence.
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To cheer up hearts, let me recall my conversation with former central bank governor Gabriel Singson at the 72nd birthday celebration of former House speaker Jose de Venecia last Dec. 26 at his residence. It is reassuring that despite fears of a downturn in 2009, Singson remains confident that we will not suffer a recession. The reason is that the banking system, which he headed for many years, has installed, together with Congress, reforms that have served our economy well.
Most notable were the moves to limit the amount of property loans that borrowing banks can get to 20 percent of their portfolio investments, and for the lending banks to reduce the amount of property loans from 80 percent to 70 percent. Singson noted that the crisis in most countries now as well as the Asian crisis of 1997 began with housing loans, a.k.a. as subprime loans, but these twin moves prevented local banks from investing too heavily in housing.
Still, Singson is worried that too many condominium buildings are rising in Metro Manila.
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Part of the anniversary celebration of 22 Carmelite monasteries of nuns here is their prayerful attempt during this season of grace to reach out to government leaders ? including President Arroyo, her Cabinet, and members of Congress ? as well as leaders of civil society, business, religious and other sectors, with a booklet titled ?Conscience & Truth,? subtitled ?Cry, Country Beloved of God, Hope and Pray.?
The booklet contains, among others, an essay by Fr. Cormac Burke, a former Irish lawyer and professor at Trinity College of Dublin and the Catholic University of America, which explores the supreme importance of a well-formed conscience especially for our politically troubled times. A bundle of booklets for President Arroyo and her Cabinet was sent by the Carmelites to Presidential Management Staff chief Cerge Remonde, with a request that they be distributed during this season.
The Burke essay makes for a great spiritual meditation, especially on the blessings the country has received through the years and the central role families play as the cradle of Filipino faith and values.
When they learned that Remonde was celebrating his 50th birthday last week, they made a special gift package of pamphlets for him. That celebration was held under the stars on the grounds in front of Kalayaan Hall in Malacańang and his colleagues and friends turned out to pay tribute to this very hard-working guy, nicknamed the ?Cabinet?s father confessor,? who has remained simple and approachable. President Arroyo rushed back from an out-of-town trip to attend his celebration. I remember that in an interview some months back, former House speaker Jose de Venecia praised Cerge as the most hardworking guy in the Cabinet and a decent man.
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Last Dec. 26, President Arroyo, whose family was on its way to Baguio City for the Christmas break, stopped at Urdaneta City to inspect the imposing monument and park being built there in honor of the Spanish Augustinian friar, navigator and explorer Andres de Urdaneta as part the international commemoration of his 500th birth anniversary.
The project, spearheaded by the National Commission for Culture and the Arts chaired by Education Undersecretary Vilma Labrador with Cecile Guidote-Alvarez as executive director, is a beautiful work of collaboration between the Philippine and Spanish governments and the two cities of Ordizia (the friar?s birthplace) and Urdaneta as well as an outstanding artistic work of four national artists.
Recall that President Arroyo opened the museum in Fray Urdaneta?s honor in Ordizia in the Basque region during her state visit to Spain in December 2007. That commemorative activity triggered a series of historical, cultural, tourist and trade activities between the two countries which will culminate in a return visit in 2009 by King Juan Carlos and Queen Sophia. (To be continued)
