Financial Crisis: The Philippine Version

[uls]

how about the word "bailout"?

hehe

[tidus1203]

Financial crisis pa lang sa atin since wala naman bailout dito, so far.... Pero sa US bailout is the word of the year most definitely and it all started with Bear Stearns back in March

[jpdm]

Who will bail out those small banks that went bankrupt in the Visayas...

[tidus1203]

Oh please I hope bailout fever does not reach our shores...

[uls]

haha

no bail out for those small banks

may PDIC insurance kaya mga yan?

[greenlyt]

haha

no bail out for those small banks

may PDIC insurance kaya mga yan?

lahat sir ng banko nakainsure ang deposit sa PDIC

[uls]

those banks are so tiny rural small kaya i was wondering if they even had PDIC insurance

if they did, then mabuti para sa mga depositor

[greenlyt]

i was once a victim of a rural bank. way back I was 22 yrs. old, i earned 400K from a start-up business. my parents learned about my hidden wealth and they made all efforts to convince me to surrender the money and put it somewhere safe.

and so they did, they put the money in a rural bank with high paying interest. for a year, I was earning 15K a month for the 400K. then news of a bank run happened, then it all felt like domino. all bec. of a rumor than the directors were cashing in.

gulo, my money, my parent's money, my neighbor's money, my uncle's money (oh yes my parents convinced us all) we're all in danger of losing it all. 100K palang ang sagot ng PDIC noon.

PDIC took over, after a year they liquidated the assets of the rural bank and paid us all in full minus the interest of course.

thats good sir, cause most of the foreclosed rural banks after liquidation of assets eh wala ng natira for depositors with deposits in excess of insurance amount

[tidus1203]

BAGUIO - Texas Instruments, one of the world's biggest semiconductor manufacturers, is laying off 400 workers from its factory in the northern Philippines due to the global financial crisis, officials said Friday.

The Labor Department's assistant regional director Sixto Rodriguez said the US-based company had notified the government of the cuts that will take effect on January 15, 2009.

He said the company has assured the government that it will give the laid-off employees all the necessary benefits and is offering them early retirement.

Company spokesmen would not comment however.

Texas Instruments employs about 2,300 people in its plant in the northern resort city of Baguio where it makes semiconductors -- conductive elements used in electronic circuits -- mostly for phone maker Nokia. It is the biggest taxpayer in the region.

The company has been operating in the Philippines for 28 years and was one of the pioneers of the electronics industry which has become the biggest export sector in the country.

Texas Instruments announced in May 2007 that it would invest around one billion dollars in a new test and assembly facility at the former US Airforce base at Clark, north of Manila.

The company would not comment on the fate of that plant in the face of the economic contraction that is hitting many countries.

The Baguio facility conducts final assembly and testing of semiconductors for customers in computer, aerospace, telecommunications and automotive industries in the US, Asia and Europe.

Press reports earlier said that Lear Automotive Services, a maker of automotive wire harnesses for export, was laying off 80 workers from its plant in the central Philippines.

http://www.abs-cbnnews.com/business/...400-workers-rp

[jpdm]

Manila Times
December 30, 2008

[SIZE=4]Export-Sector Jobs at Risk-Govt[/SIZE]

Jobs in the Philippine export sector would be at risk next year as the global financial crisis worsens, Labor Secretary Marianito Roque warned Monday. H[SIZE=4]is comments came after Texas Instruments, one of the largest employers in the local electronics industry, said it would lay off 400 workers, or nearly 20 percent[/SIZE] of its work force in the northern resort of Baguio, from January 15.


Roque told reporters that Labor officials would next month visit the country’s export-processing zones, where most of the electronics companies are based.


Roque said the authorities did not know how many workers stood to lose their jobs. [SIZE=4]Electronics firms employ more than 300,000 people and account for nearly 70 percent of the country’s total export value.[/SIZE]
Roque said a government study showed the sector would be among those to be hit hard next year as recession grips the United States and other key Western export markets.


“Definitely the export industry will be affected,” Roque said. “The export industry is dependent on credit so the effect will surely be considerable.”
Philippine exports plunged 14.8 percent from a year earlier to $3.97 billion in October, the latest available official figures show.
-- AFP

What is the government doing?

Pushing for that Stupid cha-cha instead of implementing economic stimulus program!