Thursday, October 9, 2008

USA's Economic Crisis

The current financial crisis in the Land of Milk and Honey is of course a concern of everyone in the country today for the fact that it will surely have a grave impact on our economy. But when the news on the Lehman Brothers' bankruptcy reverberated here, some of our officials were quick to say that it had no impact on the country. I don't know why or maybe they forgot that any developments affecting big financial institution in any region will surely have repercussion to the global economy. We are part of the global economy, aren't we?

The export and import sector also stands to be badly hit. In her recent report entitled “Global slowdown batters Philippine exports, Doris Dumlao said: “Philippine export earnings fell 6.8 percent year-on-year in March, after a 10.5-percent growth posted in February, as shipments of electronic products decreased sharply because of the US-led global economic slowdown.”

Many US shops and factories will shutdown if the crisis will continue to worsen. Our overseas contract workers would be forced to go home if retrenchment will be the order of the day. The question is, do we have the capacity and capability to absorb returning OFWs?

Just maybe, in their haste to dampen possible speculations, our government officials have preferred to lie about the true impact of the US financial crisis on the country. But lying won’t help. Maybe to them, it will. What do you think?


Vk-mahalkaayo said...

diri bya pod galisod.....

mahal pamaliton, sweldo mao ra ghapon.

tapos wla kaayo wrks na, lisod pangitaon, i mean kana regular nga wrks.

daghan firm, down n jobless.....

thanks for sharing sa post....