As global economic and financial turmoil mounts, Philippine President Gloria Macapagal-Arroyo has launched a "good news" offensive. Government spin won't, however, alleviate the impact of the global downturn on the local economy, where rising unemployment could thrust millions of Filipinos back under the poverty line. Arroyo's government this month placed advertisements in local newspapers promoting the results of a recent public opinion survey that showed that 52% of Filipinos considered themselves poor. That marked a 7% improvement on the previous year's survey result, but the wealth effect will likely be shortlived, economists say.
Senator Edgardo Angara recently delivered his own gloomy assessment, when he said in a speech during budget deliberations that the two pillars of the economy - exports and remittances - were both "shaking". He estimated that by next year some 590,000 Filipinos would be at risk of losing their jobs, including 130,000 workers now employed on temporary visas in the United States. Another 50,000 overseas workers have already lost their jobs, including in Dubai in the United Arab Emirates and Taiwan, where massive layoffs are underway.
More than 9 million Filipinos are working abroad. Nearly 1 million Filipinos left the country for work overseas last year, while another million ventured out during the first nine months this year. Last year remittances from abroad accounted for 11.6% of GDP. And while remittances have so far held up, a number of foreign workers are believed to be dipping into their savings to keep money flowing to their families back home.
The country's unemployment rate is already a stubbornly high 7.4% - the second highest in the Asia-Pacific region after Indonesia. In a poll conducted by the Makati Business Club last month, 60% of local businesses said they expected their workforce to contract next year. As of July, more than 10 million Filipinos were unemployed or underemployed, according to government statistics.
Despite the government's good news spin, the average Filipino faces harder economic times.
What’s the real meaning of good news?
"That night, some shepherds were in the fields nearby watching their sheep. Then an angel of the Lord stood before them. The glory of the Lord was shining around them, and they became very frightened. The angel said to them, “Do not be afraid. I am bringing you good news that will be a great joy to all the people. Today your Savior was born in the town of David. He is Christ, the Lord." (Luke 2:10-12)
Poor as I am?
If I were a shepherd,
I would bring a lamb;
If I were a wise man,
I would do my part;
Yet what I can I give him—
Give my heart.
Christina Georgina Rossetti (1830–1894)
Christmas began in the heart of God. It is complete only when it reaches the heart of man. That's what good news is!
Merry Christmas to all! Continue...
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