Filipinos, do you now consider our economic crises far more advanced than we've ever known in living memory

Question

Yeah, it's worldwide but how does the Philippine government fare with other Asian countries, to say the least, in coping with this situation of global proportion?

Answer 1

i'm also confused about what you're asking.

you ask if our economic crisis is more advanced than we remember and you also ask how our government copes with this. so it's 2 questions.

1st:

i'm no economist so i can't tell you the x's and y's but i know it's complicated how our economy has been surprisingly stable for the last 4 years or so and yet most Filipinos don't feel the effects of an economy that's getting better, infact most Filipinos feel much poorer because of what's happening around the world with the price of oil. so yes, compared to 1997 when we were expecting the worst and got better... it's more advanced now that a booming economy isn't enough to raise the overall standards of living.

2nd:

if you're asking us here to read every other Asian country's business journal for you, i'd give you two middle fingers right now. i don't know how all other Asian governments handle their own economic problems but i hope you do know our government's role in managing our economy... it's through the policies that they make and how they re-distribute wealth given our resources. (for your sake, i can tell you that we have to buy rice from other countires to feed our population because depending on the price, we also need to sell our rice to other countries... that's modern day trade for you)

Answer 2

I agree with other respondents that this question is confusing.  I notice you mention, Philippine "government", not Philippine economy.  I don't live in the Philippines, but I was just there in February 2008.

The current economic crisis (food shortage, oil and financial markets) is truly global.  But each country will suffer differently.  Some it will be food shortage, others will be energy or financial.  (I'm in Canada, so I foresee, the cost of heating, gas and food will hit us hard in our long and cold winter, not so much financial.)  In the Philippines, I can foresee food prices and fuel for transport going wild.  Having said that, I don't think it will see the devastation the collapse of the mortgage sector has had on the financial industry as in the US.

As for what the Philippines can do?  Well, for a start I think people there will have to stop thinking it's a poor country and that they cannot do anything without outside assistance, a mendicant way of thinking.  I've worked here and there in Eastern Europe and even China, and they think the Philippines is a paradise.   Too bad that most Filipinos tend to measure their performance against "artificial benchmarks" (like western, G8 standards), rather than creating their own standards and goals.  Too often, the Philippines is trying to be a 52nd US state when it has been independent since 1946.

Secondly, the Philippines has 360 days of sunshine, rich soil, rain, but I saw a lot of empty plots of land, untended, with nothing but grass.  Maybe people should start thinking garden lots, and grow some of their own food which some of my neighbours do in the summer here.

Finally, I thought it might help Filipinos if they can look at what possible in the country not what's on the other side.  For example, the Philippines is the world's #2 producer/user of geothermal energy; in Cebu, they're building supercat ferries; it is also the world's #1 exporter of carageenan, and few other distinctions. In 1995, a Czech executive who had been on a trade mission to the Philippines, said, they can do/build everything there.   In short, I think it will survive a touch better than expected esp with big boys like China, Japan, and Korea too just around the corner.

Answer 3

First of all, since this is your third consecutive post expressing your anti-status quo sentiment, I begin to doubt your objectivity in asking your question. I think you have issues against the arroyo government and taking swings at the Philippine economy is a way of life for you.

That being said, to answer you question, I would say that the Philippine government is performing at par with other Asian countries in terms of fighting off the ill-effects of regional inflation and the worldwide oil crisis. The BSP was quick to act against inflation by increasing interest rates and despite the economic problems, the government was still able to ease the budget deficit this year, aiming for a balance in 2009.

Of course the government has not been successful at trimming down oil prices, addressing poverty and helping the poor. The government subsidies intended to help the poor are obviously temporary in nature and will not help them achieve a better way of life.

Therefore the perfomance of the Philippine government is at par with its asian neighbors. Succeeding in some areas, while failing in others. Not better, but definitely not worse either.

Stay positive and let's all do our part to help the Philippines.

Answer 4

I'm confused about your question.  Are you asking about economic crises or about the economy when compared to other Asian countries.  I think you have to differentiate between the two.  But I'd like to answer each, if I may.

Economic crises:  The Philippines will continue to experience turbulence within its economy.  It is a growing nation and it is competing with the rest of Asia, if not the whole world in a global economy, and is not doing as well as Thailand, Vietnam, Korea and Japan.

Economy:  Here is where the plus side exists.  Our economy is neither third world nor first.  But we seem to be going in the right direction.

My 2 cents worth:  It will probably take a revolution to make drastic changes in the culture of our government and to achieve first world status.  That, my friend, will not happen in our lifetime.

Answer 5

In my living memory, no.

There was a time when we were living in Pandacan, Manila when I had to eat rice (and this is left over rice, or "tutong") with only fish sauce as "ulam".   But since all my "barkada" was eating with me,  tasted like the best delicacy in town.

("Tutong" is the nearly burnt left over of rice on the pot.  You have to scratch it loose from the sides of the pot.   "Ulam" is viand,  or the meat/chicken/fish part of the meal.  "Barkada" is the gang, or the company of friends.)

Our advantage with the rest of Asia is that we are an "islands" nation, and blessed with rainfall, sunlight, and fertile soil.  Japan, too, is similarly situated.   But to my knowledge,  we have more agricultural lands than they have, and have the better clime.   When, and if, we have to go back to basics, (when factories would stop for no worker would work without food) I think we would fare better.

Answer 6

Your additional detail confused me even more. Who is saying that you are making a declaration of a statement of fact?

Life is hard. It is hard for the whole world. Filipinos, whether the government or the people, are doing what they can to survive.

The Philippines is no different from its asian counterparts.