Tuesday, November 07, 2006
Bankers warn v. 'dire results' of 4-day Asean holiday
CEBU CITY -- After the Cebu exporters, it is now the bankers' turn to seek exemption from the four-day holiday next month, as they warned of dire results from the long break.
The Cebu Bankers Club is asking for a "partial observance" of the December 11 to 14 holiday declared in the cities of Cebu, Mandaue, and Lapu-Lapu during the 12th Association of Southeast Asian Nations (Asean) summit.
The holidays and the weekend will mean at least six days without banking services.
The Cebu Bankers Club believes this might have "grave economic and public consequences" considering many people and businesses will make financial transactions during the week of the summit.
Even the Asean delegates will avail them of banking services or fund transfer services.
"The Cebu Bankers Club fully recognizes the main intentions of the proclamation but it also has to balance the best interest of the general public and protect the business sector in particular," their resolution stated.
The resolution further said that banks must be allowed to operate for at least half a day from December 11-14.
Member-banks will be given the choice to determine, which of their branches will be opened and for how long.
They will also comply with the conditions required of them in opening outside regular schedules or on holidays.
Club president Hermelo Parot visited Mandaue City Mayor Thadeo Ouano Monday morning and gave him a copy of the resolution.
It was attached to a letter to President Gloria Macapagal-Arroyo requesting for the partial opening of selected bank branches in the cities of Cebu, Mandaue, and Lapu-Lapu from December 11 to 14.
Ouano endorsed the resolution to the City Council, for the passage of a measure supporting the stand of the club.
The mayor supports the bankers, saying there should be a balance between security for the delegates and the economy.
Ouano had opposed the declaration of the four-day holiday, as proposed by Cebu City Mayor Tomas Osmeña, who wants residents to go out of town to decongest traffic in Cebu and make it easier to secure the heads of state and other foreign delegates during the international gathering.
The request of the Cebu bankers "is all being considered and will be seriously studied" like the request of the exporters at the Mactan Economic Zone (MEZ), Governor Gwendolyn Garcia said Monday.
But she said they should also be aware that these days will not be like ordinary days and several roads will be closed to traffic, which will mean disruptions in their operation.
Meanwhile, the umbrella organization of all exporters in Cebu is still awaiting the decision from Malacañang on the resolution to exempt Cebu exporters from the four-day holiday.
"We have submitted the resolution three weeks ago to the office of the Presidential Assistant for Central Visayas Felix Guanzon," said Confederation of Philippine Exporters Foundation (Philexport) Cebu Inc. executive officer Fred Escalona.
Escalona told Sun.Star Cebu that the exporters' allied services should also be exempted.
"It's hard to exempt just the exporters alone. Allied services of both the export and import industries, like forwarders, should also be excluded," he said.
Escalona said workers at MEZ alone will incur an estimated loss of P45 million worth of earnings if they go on holiday for four days.
"That's just for the workers alone, it does not include the losses that firms will incur," he said.
In an earlier interview, Philexport-Cebu president Allan Suarez said the industry stands to lose around P2 million daily, or a total of P8 million with the four-day holiday.
In a meeting with Cebu exporters last month, Suarez said President Arroyo agreed "in principle" to exempt them from the holiday. (AAG/MMM/With MBG of Sun.Star Cebu)
For more Philippine news, visit Sun.Star Cebu. (November 7, 2006 issue)
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