Pinoy Passenger

Philippine Economy - a lot of talk in the news today, probably around the globe, is the predicted slip of the US economy into recession. The cause being pointed out by many for the 2008 US recession is the unwise increase in the supply of money credit, which consequently leads to inflation. Economists, businessmen, and of course the Philippine politicians are out with their press releases on the effects of the US recession to the Philippine economy.

Malacanang is blatant in saying that RP can “weather the storm” because of our strong economic fundamentals. I wonder what “strong” actually means to them…

since we’ve had several price hikes and inflation scenarios in 2008. Nevertheless, we should be thankful oil prices are rolling back. Plus the fact that the holidays are coming - that means massive remittance from our dear OFWs.

Once President Arroyo said that she hopes for the time to come when going abroad is only an option, and not a necessity. I’m a bit scared of that statement though, because as we all know, the Philippine economy is able to weather economic storms due to the help of dollar influx into the country. Sad but true.

Emerging markets like the Philippines, are expected to be “cushioned” in this state of economic slow down in the US. The Asia-Pacific region has China to thank for as this somehow protects economies in the region like in the Philippines, to be somehow protected.

Let’s hope better things come around for the Philippine economy, especially in the coming Christmas season. May it be a more prosperous year end (and beginning) for the Juan dela Cruz.

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