|
Monday, January 09, 2006
Velasco: The good news
By Diana B. Velasco
Grain of Salt
THAT was probably the best piece of advice I got from an otherwise normally inebriated former officemate who spends most of his day with a leading daily spread apart in front of him, nursing a hangover.
This statement is further reinforced by a recent three scotch-induced confession of sorts from legendary tycoon John Gokongwei himself, who averred that "businesses are doing great despite the never-ending inundation of trash talk from politicians, NGOs and the ever-pessimistic media coverage of a theoretical political crisis."
As my first column for this year, I would like to make my humble contribution to flooding the printed world with a renewed sense of hope, as a salute to the fresh start every new year brings. For once, dear reader, I would like to ask you to take stock of the real situation and detach yourself from predictions of an impending economic and moral collapse as so blatantly bannered in the front pages of every national and local daily in the country today. It's not as bad as it seems. Really.
Let me begin with the statement that it is private sector confidence--and investments--that define the economic backbone of any country. Local investments ensure that the currency circulates within the nation. Foreign investments infuse additional capital and generate employment. While the political climate of a nation may influence investment attitudes, a strong private sector is the most effective cushion against the negative effects of a political or economic crisis to the economy. One would only need to look at the seemingly inevitable break of the Philippine peso to the 51 to $1 mark, which has been hogging the business headlines for the past few weeks, to validate how well the economy is doing.
Cynics would say that the strengthening of the peso was brought about by the increased remittances of OFWs to the country in time for the holiday season, and that these heroes felt the need, more than ever, to send greenbacks home because of our ailing economy. The other, more tangible explanation for such a surge is that the exodus of Filipino workers has been more intense in recent times. More Pinoys abroad equals more dollars coming in, indi bala?
Add to that the rosy state of our fiscal situation and strong regional currency markets vis-à-vis the US dollar and you have a buffed peso. A robust currency titillates the export sector and stimulates local economy. Simple, straightforward, and devoid of speculation. I should have refrained from buying a few dollars just after Christmas, though. Bummer.
But my seemingly "bad" decision to pinch a few dollars notwithstanding that I cannot overemphasize my point: we are doing well. The nation hurdled the worst fiscal crisis in recent memory with investments stable, earning and continuing to exist in the country despite the endless cacophony raised by the very irritating opposition.
We are doing well, dear readers. And I hope everyone has not turned into an eternal pessimist who would not know good news even if it came around and bit him in the ass. (To be continued)
You may email missabsinthe@yahoo.com for your reactions and comments
For Bisaya stories from Davao. Click here. (January 9, 2006 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
|
[return to top]
[home]
[network page]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
SUPERBALITA
WEEKEND
|
