Do You Believe That the Philippines Will not Be Affected By The GFC?
By acevivx
@acevivx (1566)
Philippines
January 27, 2009 9:27am CST
Here in the Philippines, President Arroyo and her henchmen all persist in saying that the Philippines will escape the negative effects or at least the worst effects of the Global Financial Crisis (GFC) Despite all the workers being laid off, all the work hours adjusted and decreased, all the OFWs returning home after being terminated, all the again rising prices of commodities and gasoline, the government continues to make pronouncement belittling the global financial meltdown and saying remittances will get us through. Of course President Arroyo is off again looking for jobs for OFWs regardless of the working terms and conditions just so she can brag that there are thousands of jobs overseas ready and waiting for Filipinos. But where are the thousands of jobs in QATAR which she announced late last year and the jobs in Australia, New Zealand, Canada and so forth? Meanwhile, the vice-president announces 10 million jobs for Filipinos in Iraq as though Iraq is immune to the financial meltdown or is not suffering from an unstable peace and order situation which greatLY impaired its ability to generate business and jobs for its own citizens, much less for Filipinos. Filipino MyLotters, do you believe that indeed the Philippines will not be affected by the GFC?
1 person likes this
14 responses
@writermom8 (913)
• Philippines
28 Jan 09
Saying "the Philippines will NOT be affected by the GFC" is an understatement. We are already affected and has been for a long time. In fact, we common citizens don't need news of the GFC or any affirmation from the government about what we should or shouldn't be experiencing because we have been and are still already undergoing so many hardships even before the GFC hits.
Just the news last week of Intel closing down and letting go of thousands of Filipino workers should be a wake-up call to the government to step up their efforts. Unfortunately, there are more verbal promises and announcements than concrete actions :(
And yeah, in case it's not yet that obvious, I'm one of those already disillusioned by how our country has been doing since the president came into office for the second time :(
1 person likes this
@jheiann (33)
• Philippines
28 Jan 09
Not affected? Where did you hear that? Intel Philippines already closed leaving 1800 people jobless. Then, the industrial parks in Laguna and Batangas are slowly closing. OFWs in Taiwan were sent back. Prices of pork are getting high because the supply of corn which is used for feed production is decreasing. San Miguel has mentioned that there is possibility that they will also close. So it's obvious that I don't believe we won't get affected. Maybe those corrupt people in the government won't feel it.
@acevivx (1566)
• Philippines
28 Jan 09
Righto! Definitely, the GFC is presently affecting the Philippines and worse is yet to come. The president and all her sycophants must be wearing blinders. And yes the price i of pork is increASING. It maybe good for some but not for the rest of us who love to eat pork regardless of what they feed them borg-queen
@recto89 (19)
• United States
27 Feb 09
Isn't the World Bank Investigating Filipino Government officials for bribing Investment Banks from China, USA, Japan, Hong Kong, Taiwan, and South Korea. Also the same Filipino Goverment officials are have secret Chinese Bank Accounts and USA Bank Accounts. These are the only people not affected by the Crisis!
@drakesuyat (1063)
• Philippines
28 Jan 09
we have been in crisis long before gfc. but would you guys agree if i say that philippines is not a poor country? our government officials can prove all that. remember mike velarde's account? jose pidal account? euro general? and many more! whenever an issue explodes, it involves huge amount of money! they just don't make things clear. they (our government officials) wont get affected by the gfc but the rest of us will.. for sure!
@acevivx (1566)
• Philippines
29 Jan 09
Of course we are a rich country rich in resources, both natural and human resources. And of course we are all aware of all those anomalies but the point is that even if they have so much money or if the rich continue to enjoy their wealth, it does not mean that the country will not be affected seriously by the GFC. The rich will not donate their money and prices are increasing, jobs are disappearing and we cannot expect other countries to help us when they themselves are suffering.
@aisaellis22 (6445)
• United States
27 Jan 09
Hello acevivx! Is that our President said? Maybe she forgot that even when it's not crisis yet, we are already in crisis. If not for remittances of OFW peso will eventually go down. Even without financial crisis, there are still many unemployed and underemployed. How much more now that the some ofws are going home?
@nimnim74 (250)
• Philippines
28 Jan 09
We will be affected of course with the global crisis but it is just that we are used to crisis so we can't feel global crisis. Here in Cebu almost 500 employees per company was being laid off from work so I think it a wrong foretelling from our President that we will not be affected.
@recto89 (19)
• United States
27 Feb 09
What is the definition of the Philippines not Affected by the economic crisis? Does it mean Government officials committing Ponzi Schemes on Chinese Investment Banks and USA Investment Banks? Does it Mean President Arroyo having secret Bank Accounts in the USA and China? I am a Filipino-American and we saw this story in the USA and my parents who are from the Philippines knew the story was false. The reason was that my uncle and my cousins said they were planning to immigrate to China, Hong Kong, Japan, Taiwan and the USA to look for a job in those countries. Also I heard that Filipino Government officials are commiting crimes in other countries too Committing ponzi schemes with Filipino tax payers money in China, South Korea, Japan and the USA, Also the World Bank has them under Investigation.
@siomaiii (238)
• Philippines
30 Jan 09
We are already affected by this global financial crisis. The statistics will simply prove it. Many Overseas Filipino Workers are now back in the country because they were laid off. As we all know, many international-based companies are situated here in the country because of the low-cost labors. Mostly, these companies manufature components/parts that are sent out of the country for the production of the end-product. In conclusion, we are greatly affected by this financial crisis. But I believe that Filipinos can endure all these crisis. Long live Filipinos!
@edujccz (929)
• Philippines
28 Jan 09
Of course they are in politics, negative matters is not present in politics or else they are gone. Actually all countries are affected but the Philippines is not much specially sof that we are year round in crisis and it seems the same all the time that you cannot feel it anymore. LOL
@dong1970 (1572)
• Philippines
28 Jan 09
I think,Our President is blind for she doesn't seen the effect of GFC in our country.We Filipinos suffer crisis way back years ago.There are so many factories that are shutting down and hundred of Filipino Workers are affected.I hope that alternative jobs will be offer and other country still open their doors for job opportunities.
@acevivx (1566)
• Philippines
28 Jan 09
Hopefully her economic stimulus plan and the efforts of the the Department of labor and Employment will provide alternative options and that the billions set aside for this purpose will not end up in the pockets of the first family and their supporters.
@natsvelascotan (665)
• Philippines
28 Jan 09
Our stock market is affected by the performance of the US, however in terms of employment here in the Philippines, I guess were not as affected . maybe that's what they meant
@acevivx (1566)
• Philippines
28 Jan 09
Oh come on Natsvelascotan. Don't you read the newspapers or listen to the news? Look around you, more and more people are losing their jobs right her in the Philippines and even the Secretary of Labor and Employment is saying that business is n not usual and that around 250-,000 people will lose their job. is that or is that not an effect of the GFC?
@jlamela (4898)
• Philippines
28 Jan 09
So far the Philippines is not directly affected with the GCF compared to other countries in the world. In Davao, the recession is not really felt, there's still no companies that have been closed. The countries that will be mostly affected with this recession are those developed countries and highly industrialized because their business sector suffered heavy losses, Philippines is mainly an agricultural country and most citizen relies on farming and livelihood projects which are not really affected.
I am still very thankful that I am living and staying here in the Philippines, the company I worked with is doing well, we have no mass lay offs, no tension in the work and most especially we are receiving good salary.
@acevivx (1566)
• Philippines
28 Jan 09
You must be dreaming or not reading the newspapers or listening to the news or you must be also in a denial mode. Are you quite sure there have been no lay offs in Davao? and even if such is true, see what is happening in other parts of the Philippines. you really must be a great fan of the President to believe that we are not at all affected. Wake up my dear.
@hibiscus_mel (719)
• United States
28 Jan 09
They are saying that because the Philippines had long already been in such financial crisis. If you also really look closely not every filipino invest on stocks or use credit cards so basically the financial crisis we are in are already down there and if we are already down there how can we be affected? But in my own opinion no country will not be affected by the global financial crisis since this thing comes in a domino effect from one country after another. I wonder why they have to fool the people. Is that there way of reassuring filipinos of their so called political power?
@acevivx (1566)
• Philippines
28 Jan 09
Yes i have heard that argument that since majority of the Filipinos do not invest in stocks or otherwise, that we wouldn't feel the effects of the GFC but that is not rue. Granting we don't invest in stocks or whatever, still the increasing prices, the retrenchment, the loss in business would ultimately affect everyone and make life which is presently difficult more difficult and hard.
@melvill (392)
• Philippines
28 Jan 09
Of course not. It is a big lie. Even before that Global Financial Crisis happen, we are already in a financial crisis. Now, I'm scared to lost my job because of the GFC many of my batchmates in college got fired because of it. Many companies here in our country got close like INTEL. Many Filifinos here and abroad lost their job because of GFC. I really don't believe that we are not be affected by that.
Hope we could recover from this crisis very soon!
@haydeecorbilla (242)
• Philippines
28 Jan 09
That is impossible......with the government officials that we have and the attitude of the people I do not think that we can escape from experiencing GFC... especially right now that Philippines is experiencing different issues.....
@eisren_04 (14)
• Philippines
28 Jan 09
it will be impossible for our country not to suffer due to gfc...there are already many filipinos who were laid out of their job..most them came from electronics company...how could they qualify if most of the job offers in canada, middle east, and other countries are mostly related to hotels, sales, and other services...??????????
@acevivx (1566)
• Philippines
28 Jan 09
You are quite right in your observation but government officials think everyone is stupid that's why they brag of new job openings available for filipinos abroad even when they know that most Filipinos who have been laid off would not qualify. Further even the vice president is so stupid that he announces 10,000 million jobs in Iraq gfor OFWs. He is dreaming or delusional
