Financial Crisis: The Philippine Version

**uls** · November 19th, 2008 03:28 PM

ayun...

56.5B PESOS

let's put things into perspective...

China spent $40B-$50B preparing for the Olympics.

The Phils. is nowhere near China... not even close

the Phils. can no way spend $65B on anything

nobody on Planet Earth will lend the Phils. $65B

**True Faith** · November 20th, 2008 08:46 AM

The first casualties...

...workers at Export Processing Zones....

...Call centers (900 agents from one BPO firm alone)...

...small handicraft exporters....

...import firms....

...services firms....

**Galactus** · November 20th, 2008 09:10 AM

A better perspective would be:

Why the hell would the Philippines borrow US$ 65B??? Who's the moronic economic manager who would propose borrowing said amount? Even if may mga projects na patutunguhan yung $65B, debt servicing pa lang, talo na.

Todo taas ang taxes at service fees ng gobyerno just to keep up with the interest payments. (Di pa kasama ang principal diyan).

**4wrider** · November 20th, 2008 11:30 AM

One thing you can't fault this little president of ours, she dreams big.

**Galactus** · November 20th, 2008 03:27 PM

Big projects = big commissions

GMA's height is inversely proportional to her greed.

**Gen. Miting** · November 20th, 2008 04:21 PM

Originally Posted by gearhead

That is good to hear. Out of curiousity how was it explained that BPOs should fare well? Not farewell.

Also I still would think IT outsourcing as well as software work since these actually lead to more efficiencies. Given that excesses and ineffiencies helped bring us here in the first place

in the business mirror, they said that in 2009, companies will downsize. naturally this will affect their current offshoring services. some will choose to tighten the belts of these services, hence there will be retrenchments in the current bpo setting here.

but still, with US companies feeling the pinch of the global financial crisis, the natural tendency is to get bpo services pa din. yun mas mura nga lang. still cheaper in the long run for them to operate.

so malamang kung ang intro salary ng bpo agent ngaun ay 20k, baka maging 15k but still there is no fear na magkaron ng full recession dito. and infact, if investors get happy with 15k employees, mas madami pa sa kababayan natin ang mabigyan ng trabaho.

the business mirror only talks good things about India and the Philippines. sa ibang news, we see Singapore and HK workforce getting axed. why? kasi nga mas mahal ang services nila

now the BEST news! hindi naman kaila sa'tin na aside from nurses and IT, the Philippines produces more LAWYERS than any other country in the world. kaya nga masyado tayo mapulitika, lahat mayroon opinion. the business mirror mentioned that India is in better shape than in Philippines regarding bpo. why? kasi pala ang India, may Legal outsourcing services.

it says there with the current crisis in the US, maraming litigation na mangyari due to the subprime crisis. hindi naman syempre, papabayaan ng mga naluging bangko duon yun mga hindi makabayad na subprime. if you ask me the subprimes just made themselves a "slave" for the big banks for life. habang panahon nila babayaran yun inutang nila. and this is where Legal outsourcing services will come in. buti na lang dad ko may law firm and 2 of my brothers just passed the board, hehehe eto na lang i-suggest ko sa kanila ok na family business ito.

this is also good news, sa mga clerks, court employees, and other related jobs out there. it's your time naman. who knows, in the future kayo naman ang maging in demand.

regarding nurses, well i dont really know. if the americans cut on HOME costs, talagang we will see a decline. sa IT, well meron pa din kasi kailangan din i-setup ang IT infrastructure nito. in fact, mas mahirap implement ito kasi security ito to the max, we're talking about law cases and decisions.

kaya nga sinasabi ko lagi dito sa thread, if a door closes, another one opens. it's not as always we're always screwed.

**jpdm** · November 21st, 2008 04:22 PM

Even restaurants (many of them-rumor Gerry's. Food industry is known as one of most resilient industries in the country)in the Philippines are having problems due to the prevailing economic difficulties in our country...

**Gen. Miting** · November 23rd, 2008 09:29 PM

Originally Posted by uls

ayun...

56.5B PESOS

let's put things into perspective...

China spent $40B-$50B preparing for the Olympics.

The Phils. is nowhere near China... not even close

the Phils. can no way spend $65B on anything

nobody on Planet Earth will lend the Phils. $65B

yep P65B not $65B. so what now if it's P65B, false hopes ???

Gateway Mall cost P2B to build.
a SM big Mall can cost somewhere between P10 to P20B

if planes included, P65B is not enough

**uls** · November 23rd, 2008 09:46 PM

Plans are nice.

But where is the P65B or P56B or whatever amount gonna come from?

figures are just being thrown around.

there are no specifics.

---

Airports do not invest in airplanes.

Airlines invest in airplanes.

**Gen. Miting** · November 24th, 2008 03:06 AM

there is a source of fund, i just cant remember exactly what was the exact name or finance group that will fund the project as I was paying attention more on the mirror's article title, open skies policy in Asian region.

i dont know how far we and our asian neighbors will go regarding open skies, if we will do a schengen countries euro type of thingy

but clark being chosen as the central hub for our most expensive airport is really a good strategic move for all concerned, our country and the countries clamoring for open skies. why bec. it's in central luzon. it's in the center of everything. in 3-5 years from now, it will be in the center of then the entire northern luzon expressway network going as far as Ilocos to the north and Manila to the south and Subic/Bataan/Zambales to the west and I dont know about the eastern luzon part yet