PIA Dispatch - Friday, December 19, 2008

RP’s pro-active approach to financial crisis vis-à-vis OFWs praiseworthy, IOM official

MANILA(PNA)—The pro-active approach of President Gloria Macapagal-Arroyo in dealing with the global financial crisis and its repercussions on overseas Filipino workers (OFWs) has earned high praises from the regional representative of the United Nations-linked inter-governmental International Organization for Migration (IOM)).

IOM’s Charles Hans was apparently referring to Administrative Order No. 247 in which President Arroyo ordered the Philippine Overseas Employment Administration (POEA) to aggressively market Filipino labor and expertise by mapping out countries and destinations and their respective manpower and agencies that could use OFWs services.”

The Philippines has taken a pro-active approach to the crisis. Analysis of the statements of President Gloria Macapagal-Arroyo (as the crisis unfolds) is that life must go on….while OFW remittances continue to remain high in the last three quarters,” said Hans at a forum marking Philippine observance of International Migrant’s Day on Thursday, Dec. 19.

OFWs remittances up to October this year were estimated at USD14 billion, up by 15.5 percent from the same period of last year. Hans said “this is a promising showing.”

Hans said Philippine leaders are apparently aware that while the direction of the current crisis is yet unclear, the Philippines has prepared to cushion its worse possible effects when the time comes.

He said that among the preparations are a reintegration program for returning OFWs who are laid off from employment in labor-receiving destinations such as Taiwan and South Korea.

IOM facilitates the enforcement of the reintegration program with the POEA, one of 22 government agencies involved in migrant Filipino labor management. IOM said funding is being arranged with such countries as Spain, also a labor-receiving destinations for OFWs.

Except for a little more than a thousand factory workers laid off in Taiwan, out of about 100,000 OFWs in its current employ, so far the crisis has not hit the Philippines as hard.

AO 247 is described by a Filipino IOM official as reflective of PGMA’s pro-active management of the total labor situation since it transforms POEA’s structural role into a marketing agent “looking for job opportunities and employment” to cushion what might lead to an economic recession.

At the forum, arranged by the Commission on Filipinos Overseas and the Philippine Human Rights Watch, Hans presided at the Manila launching of the “2008 World Migration Report,” which was globally launched in Geneva on Dec. 2.

This year’s report is on the theme, “Managing Labor Mobility in the Evolving Global Economy.” Earlier in Geneva, IOM Director-General William Lacy Swing called on developed nations not to shut their doors on migrants nor lower their Official Development Assistance, adding that overseas workers should be made part of the solution to the current crisis.

In response to a reporter’s question, Hans also said that OFWs must be “engaged in citizenry, aware of what’s going on in their country” such as the financial crisis now affecting them.

He noted that some governments are concerned about that facet of a migrant worker’s life “that they are engaged in citizenry, not just about themselves” and their own personal problems.

He pointed to Morocco as a good example of such citizenship training, “working hard to keep its workers informed.” He did not elaborate, but noted that it may be worth measuring citizenship training and values formation.

Aside from AO 247, which requires the POEA to draw a global employment map, President Arroyo also signed AO 248 for the Department of Labor and Employment (DOLE) to set aside the amount of P250 million for what is called the Filipino Expatriate Livelihood Support Fund.

The President said that both AOs recognize the heroic efforts of OFWS and a way of paying gratitude.

“In these trying times for the Filipino expatriate worker, the government should not sit idly and do nothing. It is now payback time for the government and the heroic efforts of the expatriate Filipino workers should not go unappreciated.”

“An examination of the global employment map indicates that the sheer volume of requirements of new job markets, if properly exploited by the POEA, is adequate to fill up the possible slack that may be caused by the constricting market in traditional host countries such as the continental United States,” President Arroyo said.

Guam is said to hire 20,000 Filipinos starting next month while the United Arab Emirates demands 90,000 workers.

On her return this week from her Qatar visit, the President also announced that 37,000 jobs for foreigners are available in that Persian Gulf state in the Middle East, one region of the world where the economic recession has just a trickling effect.

Provincial help desks that would match the skills of retrenched or would-be OFWs must also be set up by the POEA/DOLE so that immediate re-deployment is facilitated, according to AO 248.

A few local government units, such as those in Pasig City under Rep. Roman Romulo, have arranged for a P20-million credit assistance with the People's Credit and Finance Corporation. (PNA)


Palace welcomes joint congressional resolution on CARP’s extension for 6 months

Malacañang welcomed today as an "adequate and realistic" compromise, the joint congressional resolution that will extend the Comprehensive Agrarian Reform Program (CARP) for six months, or until June 2009.

Farmers groups and even some lawmakers have assailed the resolution as watered down, since it makes the sale of land voluntary, not compulsory.

"We believe it is an adequate and realistic compromise solution for the time being, given the proximity of the CARP term's expiration. We thank and congratulate the House and the Senate for their effort," Presidential Political Adviser Gabriel Claudio said in a text message.

"The six-month extension will give Congress, in consultation with the farming sector and other stakeholders, time to come up with a final CARP extension law that hopefully embodies a consensus that will do justice to the purpose and spirit of agrarian reform for our country," he said.

Cabinet Secretary Silvestre Bello III said he was not aware of a reported meeting between President Gloria Macapagal-Arroyo and Bishop Broderick Pabillo, who has joined farmers on a hunger strike to press for the CARP extension.

"I'm not in a position to confirm or deny that," he told a news conference at the Palace.

But Bello assured the farmers that the government was "always prepared to address or respond" to their concerns.


PGMA condemns ruthless acts of terrorism against communities

Tacloban City -- President Gloria Macapagal-Arroyo condemned "the ruthless and violent acts of terrorism against communities," Deputy Presidential Spokesman Anthony Golez said, referring to the twin blasts in Iligan City which resulted in the death of three persons and injuries to 30 other persons.

Secretary Golez said the government will not stop hunting these terrorists until they are put behind bars. He also urged the people to coordinate with the law enforcers as to any information that might lead to the arrest of those responsible.

Secretary Golez added that the police and the military would be relentless in pursuing the perpetrators of the bombings.

Meanwhile, Presidential Spokesman Secretary Jesus Dureza said, "we condemn this mindless terrorist attack on innocent civilians in Iligan. We condole with the families whose loved ones have become hapless victims of these murderous act.

"Secretary Dureza called on the people to "remain steadfast and vigilant and not allow such dastardly act to further terrorize us."

It was learned that bombs ripped through two department stores in Iligan City on Thursday, killing three people and injuring at least 30 others.

Shortly after the early afternoon blasts, police authorities swarmed the bloodies, upturned check-in counters of the Unity Store and the neighboring Gerry's Shoppers Plaza in the downtown area of Iligan City, to collect evidences.

Initial reports of the local police investigators and witnesses stated that the bombs went off within 15 minutes of each other, killing three people including a baggage counter clerk.

Surveillance videos reportedly captured the images of the two women who allegedly planted explosive devices in one of the two department stores that were bombed. (PIA 8)


PGMA condoles with families of blast victims

ILIGAN CITY – President Gloria Macapagal-Arroyo condoled today with the families of two supermarket employees killed in the bomb explosions that rocked the JBC Shopper’s Plaza on Aguinaldo street here yesterday (Dec. 18).

The President, who arrived at around 9:30 a.m. from a previous from a previous engagement in Bukidnon, proceeded to the Cosmopolitan Funeral Homes here where the remains of the victims lie in state.

Two explosions, which took place within minutes of each other, rocked downtown Iligan City Thursday afternoon. The first blast hit the UniCity department store, the second one ripped Jerry’s Bargain Center.

Police investigators said the attacks were the handiwork of rogue elements of the Islamic Liberation Front (MILF).

The blasts killed two people and wounded 45 others. The injured were taken to the Don Gregorio T. Lluch Memorial Hospital, Mindanao Sanitarium and Dr. Uy’s Hospital.

Upon entering the funeral home, the President immediately expressed her condolences to the family of 20-year-old Erwin Suico, a baggage counter clerk of JBC Shopper's Plaza, who died instantly after a bag left at the counter by a still unidentified suspect exploded shortly after 1 p.m.

The President embraced Erwin’s widow, Jinky, who is seven months pregnant with their second child, and soothingly expressed her condolences, saying she was saddened by what had happened to her family.

In between sobs, the widow thanked the President for visiting the wake of her husband.

Earlier in the day the President condemned the attacks as “ruthless, violent acts of terrorism against our communities.”

After her meeting with Erwin’s young widow, the President then paid her last respects to 22-year-old Jonas Badelles, also baggage counter employee of the department store killed in the blast.

Elray, a younger brother of Jonas, said that even though their family was grieving for their loss, he was "happy" that the President had taken time to visit the wake of his older brother.

The President gave each family an envelope containing P50,000 cash as burial assistance.

Joining the President were Iligan City Mayor Lawrence Cruz and 1st District Representative Vicente Belmonte.


PGMA visits Iligan bombing blast victims recuperating in hospital

ILIGAN CITY – President Gloria Macapagal-Arroyo visited today the victims of the two successive bombings in downtown Iligan City who are now recuperating at the Gregorio T. Lluch Memorial Hospital (formerly Iligan City Hospital) here.

Two explosions rocked downtown Iligan City one after the other yesterday afternoon (Dec. 18) killing two and injuring an estimated 45 others.

Of the 45 civilians injured, 12 were admitted to the GTLMH for treatment of moderate to serious lacerations on different parts of their bodies, while the others were sent home after getting first aid treatment.

The President motored to the GTLMH after visiting two other victims of the bomb blast who died on the spot.

Upon reaching the entrance of the GTLMH, the President was ushered to the hospital's medical ward where the injured victims are recuperating from their wounds.

The President first visited Reynario Bu-ot, 24; Orly Sumingit, 20; Wilbert Enguito, 20; and Marjun Alferez, 21; all employees of the JBC Shopper's Plaza, the site of the first blast.

She then visited Romeo Maquilam, 41, Angie Hipos, 20; Anna Marie Casgaigli, 20; and Michael Arquilita, 21, the other victims of the bomb attack.

Three others, three-year old Christian Ocoy and his sister Maryjane were taken to an undisclosed Cagayan de Oro hospital better equipped to treat head injuries, while Najma Basher, 18, was taken to the nearby Iligan City Sanitarium.

The President gave each of the victims at the GTLMH envelopes containing P30,000 to buy medicines and pay for medical expenses.

They profusely thanked the President for her generosity and for taking time to visit them.

Joining the President were Iligan City Mayor Lawrence Cruz, 1st District Representative Vicente Belmonte, GTLMH Chief Doctor Eustaque Oliverio and Dra. Belinda Lim, the doctor who treated the blast victims when they were rushed to the GTLMH.


Smoke belching tricycles will soon be a thing of the past in Quezon City

President Gloria Macapagal-Arroyo will check the status of one of her pet projects – the conversion of gasoline-guzzling vehicle engines to liquefied petroleum gas (LPG) users – when she launches Quezon City’s Tricycle LPG Conversion Program tomorrow (Saturday) at the Amoranto Stadium.

The President, who is scheduled to arrive at the stadium at 10 a.m., will be welcomed by Quezon City officials led by Mayor Feliciano Belmonte, Energy Secretary Angelo Reyes and Transportation Secretary Leandro Mendoza whose department is spearheading the Special Vehicle Pollution Control Fund (SVPCF) modernization program for the public land transport industry.

President Arroyo will award 1,000 free conversions for Quezon City tricycles at P15,000 each or a total of P15 million. The first 20 driver-beneficiaries of the program to receive their conversion certificates from the President herself.

The program will also feature an on-the-spot conversion of a trike engine for the President. LPG is cheaper by about 50 percent than gasoline, thus converting gasoline-fed engines will mean big savings for tricycle drivers.

An overview of the project will be presented by QC Rep. Nanette Daza during the event which is expected to draw some 3,000 tricycle drivers and operators.

During the program, the President will paste a “LPG Converted” sticker on a tricycle whose engine had been converted to LPG use.

After awarding 20 “Galing Mekaniko Ako” kits to the initial beneficiaries, President Arroyo will deliver a speech on the LPG Conversion Program and her administration’s other energy-saving and poverty-alleviation program.

The event will also feature booths of the PGMA Dental and Medical Mission, National Telecommunications Commission (NTC) Libreng Tawag, Technical Education and Skills Development Authority (TESDA) Libreng Gupit at Masahe, and Land Transportation Office (LTO) Emission Registration.

Other service providers like Manila Water will also provide free services to the participants including barangay officials and residents of the area.

Other interested engine converters from Quezon City could apply for a P15,000 loan from the city’s LPG Conversion Financing program, payable in 60 days.


PGMA inaugurates 'Suka Pinakurat' processing plant

ILIGAN CITY – President Gloria Macapagal-Arroyo inaugurated today Green Gold Gourmet Corporation's (GGGC) "Suka Pinakurat" processing plant in simple ceremonies held at the plant's site in Barangay Puga-an here.

Joining the President in the ribbon cutting and marker unveiling ceremonies of the 1,184-sq.m. factory building on top of a 4,292-sq. m. lot were Iligan City Mayor Lawrence Cruz and 1st District Rep. Vicente Belmonte.

After the inaugural ceremonies, the President was given a tour of the plant's facilities and briefed on the various stages in the processing of the famous Suka Pinakurat by GGGC owner Rene Stuart del Rosario.

GGGC -- a wholly Filipino-owned family business -- is the brainchild of Del Rosario, the inventor of "Suka Pinakurat," a spicy vinegar made from pure fermented coconut nectar and spices that are native to the farmlands of Iligan.

Started in 2000 as a "backyard business" of the Del Rosarios at their residence in Pala-o, Iligan City with a startup capital of only P28,000, GGGC has grown into a multimillion-peso business.

Rene del Rosario said he’s doing his part of providing livelihood and job opportunities to his fellow Filipinos in response to President Arroyo’s advocacy for increased job opportunities throughout the country.

GGGC employs about 200 residents of Puga-an and nearby barangays as "managguetes" (gatherers of sap from coconut or palm trees), spice and chili farmers, and junk bottle and carton box-gatherers.

The plant produces four kinds of Suka Pinakurat – the original spicy suka pinakurat, suka pinakurat with soy sauce called Kuratsoy, the non-spicy vinegar called Way Kurat, and the chilli garlic sauce Chigar.

The company also produces garlic chips and shrimp paste (Naprik bagoong).

The GGGC products are sold in various cities, including Davao, Cebu, Cagayan de Oro and Iligan, and other areas in Mindanao and the Visayas. The company has also established distribution centers in Metro Manila and in some areas in Luzon.

GGGC's products have long been a favorite "padala" for Filipinos with relatives living abroad. GGGC products are also available in some Filipino stores in the United States, Canada and Australia.


7.5% expansion of palay areas to offset low fertilizer use in wet season, says DA

The expansion of areas planted to palay this wet crop will partly offset potential losses arising from the significant decline in farmers’ use of inorganic fertilizers as a result of steep retail prices during the year’s first three quarter, hence enabling the Department of Agriculture (DA) to meet its 2008 production target of a record 16.8 million metric tons (MT).

DA Secretary Arthur Yap said the expansion of palay areas to 2.58 million hectares during this wet crop, which is 7.5% higher than the original target area of 2.4 million hectares, will partially offset the negative impact of the DA-monitored 30% drop in fertilizer usage as a result of the nearly 100% jump in the cost of petrochemical fertilizers, which, in turn, was triggered by the upward spiral in crude oil prices in the world market.,

With crude oil prices shooting up to a record peak of $147 per barrel in July, the average domestic rates of petroleum-based fertilizers rocketed from P1.200 last year to as high as P2,000 per bag in the first three quarters of 2008.

Oil prices have since fallen to the range of $50-$60, and DA officials have started monitoring a consequent decline in fertilizer rates, with the cost of popular types like Urea and Triple 14 falling by as much as 44% this December.

“Although per-hectare yields have dropped because of the corresponding decline in fertilizer use, we have managed to offset this by expanding the areas planted to palay this wet crop,” Yap said during the recent Rice Awareness Celebration in Manila . “So by the end of the year, if we compute it, total palay production will still surpass last year’s record and we will still attain our highest ever yield for palay.”

The DA’s new production target of 16.7 million MT for the year is 9.2 million cavans higher than the 2007 yield of 16.24 million MT.

Yap said the type of seeds used by farmers is also a key factor in increasing palay production, noting that the use of traditional seed varieties leads to lower yields of only 70-80 bags, as against the higher yields of 160-200 bags of farmers who use high-yield seeds.

The DA, he said, is targeting to double the areas planted with hybrid seeds from 200,000 hectares to 400,000 hectares per harvest season to further boost national palay production.

He pointed out in the same Manila gathering that the Philippines needs to invest heavily in “hard projects” such as irrigation systems to make up for its limitations in terms of the available area devoted to palay, of which only one million to 1.4 million hectares of the total of 4 million hectares harvested area are irrigated during the dry crop.

“Irrigation is the primary fundamental investment that the government should continue so that we can optimize the use of available lands for food production,” Yap said.

Underscoring the importance of irrigation in raising the country’s rice self-sufficiency level, he said that water is so critical to palay growing as it takes about 2,000 liters or 10 drums of water to produce just one kilo of rice.

Over 6.7 million metric tons (MT) of palay have been harvested thus far from half the 2.58 million hectares planted to this crop during the wet or main crop season.

According to Dr Frisco Malabanan, the national coordinator of the Ginintuang Masaganang Ani Rice Program, such preliminary yields indicate that the DA can still attain a positive growth in palay production this year despite the significant drop in fertilizer use by farmers.

Malabanan said the full-year production forecast of 16.8 million MT was based on the combined yields of 10.587 million MT in the first three quarters of 2008, which represents a growth rate of 7.22% compared to the aggregate volume of 9.874 million MT during the same period last year.

Supporting Malabanan’s harvest estimate was the quarterly report by the Bureau of Agricultural Statistics (BAS) showing that palay production in the third quarter reached 3.467 million MT, a 10.17% growth rate compared to the 2007 yield of 3.146 million MT for the same period.

Malabanan reported to Yap that field reports reaching his office as of early December showed that an estimated 8,765,959 MT of palay have been harvested from 2,203,254 hectares or 88% of the 2,509,869 hectares of paddy fields this wet crop. (DA-PRESS OFFICE)


P200 million Mother Load of Counterfeit Designer Clothing Seized in Parañaque Warehouse

The Bureau of Customs kept its promise that they will not let up on their anti-smuggling efforts during the Christmas season. Just less than a week to Christmas, Customs operatives raided a warehouse in Parañaque that contained an estimate P200 million worth of counterfeit designer apparels, bags and other items.

Intelligence Service of the Armed Forces of the Philippines (ISAFP) tipped off the Customs Intelligence and Investigation Service (CIIS) of the BOC that CARPA Transport Warehouse in 128 Sun Valley Drive , 15 West Service Road, South Superhighway, Sucat, Parañaque contained smuggled goods.

Armed with visitorial powers and a duly signed mission order by Customs Commissioner Napoleon Morales, customs operatives entered the warehouse premises to inspect and verify the intelligence report.

Initial findings of the ocular inspection by CIIS Operatives revealed that there is probable cause to apprehend the contents of the warehouse and recommend an issuance of a warrant of seizure and detention.

“Initial verbal reports from our operatives reveal that most of the goods are counterfeit of designer items like Converse shoes, Havaiana slippers and Nike apparel,” said Customs Intelligence Chief Dino Tuason. Other brands found were Lacoste, Ferragamo, Abercrombie and Fitch, Gucci, and Bench.

“We have already required Carmina Almeda Mendez, proprietress of the warehouse and with Customs Accreditation Service under the name CARPA Import Services and TIN 244-012-848 to submit all necessary import documents and proof of payment of duties and taxes,” added Tuason.

“A representative from Converse already did a spot inspection and verbally relayed to our operatives that the Converse apparel in the warehouse were indeed fake. We will request representatives of the other IP owners to certify the authenticity of the apprehended products,” said Atty. Willie Sarmiento, Head of the Customs Intellectual Property Unit. An inventory of the all the goods is underway to itemize how many of each brand are fake or authentic.

Commissioner Morales lauded the seizure and attributed the success of the operations to “a close coordination between the ISAFP and BOC.”

Morales also gave a word of caution to the smugglers who think that they will receive some sort of reprieve from Customs this Christmas, “We have our partners for anti-smuggling in other agencies of government and the private sector. Our customs intelligence network is wide: we have eyes and ears in many places. We will track them down.”


Outlook for 2009
by Joey Concepcion

Manny Pacquiao’s story is like a typical story of a successful microentrepreneur. They start with a positive attitude and carry on to succeed and move up to become small and eventually a medium and large enterprise.

In a way, it is all about our outlook in life. What we intend to do with our lives make a big difference. While I may paint a bleak outlook for America in ’09, this does not mean that the Philippines will suffer the same faith. Since this column has been discussing in layman’s language what has happened and who has been hurt in the financial crisis, it started to develop a very strong following from readers. I am not an economist. But, being an entrepreneur who has witnessed the Asian crisis, I can somehow share some insights that may help others. Bloomberg and CNBC are also my favorite channels.

Interest rate cut was .75 pct. As of now, rates are down to .25 pct. This is something that has never been seen in history. From this very rapid reduction of interest rates with the feds dropping interest rates by another .75pct, by next year we will see this close to zero. This is a sign. It shows that America is desperate to find a solution. They are willing to print money and flood the financial system with dollars to save its economy. America does not have reserves, since the world currency is in dollars. All they need to do is to keep printing. In the long run, this could mean inflation. But, commodities and oil have also gone down considerably. What worries America today is not inflation, but deflation. For me, this is more serious than inflation, because deflation can lead itself to depression. This is what we all don't want to see. But, how far is America from a depression? Frankly, I do not see a depression scenario, but a deep recession. The clear scenario presen ts America as a country prepared to do anything to prevent a depression from happening, even with interest cuts and massive pumping of dollars to save industries and financial system. Even if it also means depreciating the value of the dollar, which is good for their exports, since their domestic economy is suffering with very poor retail sales numbers. This is due to a tight credit being imposed on the American consumer.

It is sad to say that in ’09, we could probably see the Dow Jones hit a record low due to the massive business closures and layoffs that leads to low level of purchasing power. A problem like this cannot be solved overnight. It will take time. Asset values will have to drop. Lower profits of American companies will suffer in ‘09.

Basically, look at America Inc. similar to the GM and Chrysler. Whatever remedy these car companies have to do, America Inc. has to do the same. America Inc. has to fix its business model and reduce its costs to remain competitive. Many of the Japanese car companies operating in America pay wages half of what GM pays. They have better cars. They have moved faster in developing hybrid cars. In America inc., the workers who are the citizens are generally with no savings or highly leveraged. Their expectations on salaries are still high. Many of the executives fly in their own jets. There are just too many regulations that increase their cost to operate. A typical example in the US is during an emergency. You just don't have an ambulance. You also have a police car and fire truck that come with the ambulance. I find this a waste. For America to come out of this stronger, they will have to feel the pain even more so that people will realize that real change is needed.

Let us brace ourselves for ’09. It will surely be a turbulent ride. But, towards 2010, things should look better. People ask me, with interest rates going down, what should they do with their money? I would say keep it in cash, and get ready to buy the Philippines’ assets, equities or other instruments. I believe that the Philippines is the place to invest. Interest rates will have to come down here, since the gap between the peso and the dollar rates will be close to seven to eight percent. Our currency will get stronger, as it has already breached 46 from the high 50s, if they continue to keep interest rates at this level. Our stock market may improve more, with the drop in USA markets next year. Over a long term, there are a lot of good companies here who are not highly leveraged. They will do very well. In three to five years, one can easily double his profits from his investments in the Philippines.

My recommendation is to buy Philippine stocks for the long term. Exchange Traded Funds (ETF) are index funds or trusts that allow investors to buy or sell an entire portfolio of stocks as a single security. Buy these stocks to be protected from a downside in the USA. Buy DXD, which is an exchange traded fund that shorts the Dow Jones. Since you will hold on to Philippine equities on the long term, use the ETF to protect you from the downside. This idea is only for long term investors who will buy good Philippine stocks.

As we see despite the crisis, the remittances are still there. The growth in call centers and BPOs will still be there because the basic business model of the Philippines is service. We provide the best services at the lowest cost. In addition, we expect pump-priming activities from government and with the election fever starting next year, we expect more spending in the system.

Manny Paqcuiao will elevate the Philippines’ awareness level to much higher grounds. People will now realize that we don't live in trees anymore. A win against Hatton will create great awareness for the Philippines and hopefully create interest in visiting and investing in the country. The Go Negosyo fever will continue to spread the advocacy for a more positive outlook and for a change into an entrepreneurial mindset.

Let me also share with you quite an inspiring feedback.

“I think our country would benefit more from having a YES attitude, and to realize how better insulated we are from this financial contagion that has spread throughout the globe. Unlike others, there's still much that we can do to protect ourselves for the harsh times that may be coming, and minimize the impact that it might have to our economy.

As a person familiar with the BPO industry, I understand how this might contribute to our countries growth. As someone who works from home, offering consulting and writing services to foreign clients, this has been a very interesting time. More businesses have been opting to outsource more than just back office work, and have been hiring us for such specialized tasks as architectural renderings, grant writing, and project management. All remotely. And often times, they see that the value we bring to their company is on par with our American counterparts, and even exceeds it.

If anything, I think now is the time to invest in the Philippines. I see all these forecasts made by Moody's and S&P about the country, and I tend to ignore it. Despite their so called expertise, they never foresaw (admitted?) this crisis, despite the now blatant mistakes presented. I think we can all benefit from a little bit of optmism, and self-confidence. After all, who will want to invest in a country who doesn't even believe in the product they are selling: themselves.

I'm just tired of blaming the government. I think it's time to look to ourselves, at what we can do to help the government during this tough period. I honestly think the president will step down in 2010. She knows what the people will do should she break her promise and stay in office. I think now is the time to innovate, and think of ways to help ourselves, and each other, and to stop complaining. Because that's what we've been doing so far, complaining. And where has this gotten us?

So thank you for showing a bit of optimism throughout this tough period. If this inspires someone to stop whining and adopt a YES attitude, then things will be better. Who knows, that person might inspire someone else too.

Respectfully,

Kris Vengua”