EFFECTS of the global recession have not been felt by the Chinese-Filipino businessmen in Baguio, yet.

But according to hotelier Peter Ng, the crisis will be felt eventually.

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He predicts the effects will be felt at the second semester.

He said, however, a low in any business is normal.

"Life must go on. Be optimistic," Ng said at the sidelines of a meeting for the Filipino-Chinese Friendship Day preparations.

Ng said confidently that everyone around the world will overcome this crisis.

The financial crunch, which started in 2005 and its effects felt in 2007, affected businesses that are mostly into the export of products or raw materials manufactured in processing zones here and exported mostly in progressive countries.

Here in the country, the economic meltdown resulted in various export processing zones and other companies with principal offices in the US or Europe to downsize by offering early retirement packages, work rotation, among others.

In Baguio, microchip manufacturer Texas Instruments Philippines Inc. laid off some 400 employees, while the Lepanto Consolidated Mining Company implemented a work-rotation scheme.

Call centers, meanwhile, continue to hire personnel. (Rimaliza Opiña)