If at all, in what way/s are you feeling the effects of the global financial meltdown so far?

Johann Lucas, Quezon City: I am not feeling the effects of the global meltdown so far. I don’t have big investments that’s why I have nothing to worry about.

Leandro Tolentino, Batangas City: Being familiar to belt-tightening situations, the effects of such a global financial meltdown hasn’t affected my lifestyle so far.

Filipinos can survive any crisis

Robert Young Jr., San Juan City: Filipinos are better off than Westerners. We’ve been facing crisis after crisis for decades, be they natural or man-made; unemployment has been in double digit for many years now. Yet we’ve survived. The present global financial meltdown will merely make our difficult lives a little bit more difficult; it might make us tighten our belt another notch, but we will survive. And how did we survive crises in the past and will we overcome the next? Thanks to our bayanihan culture, where good neighbors, especially among the poor and, relatives and friends helping one another. Filipinos are a great people. We are resilient. We can survive any crisis.

Jose Fabello Jr., Cagayan de Oro City: Direct hit! Down but not out and still smiling. There’s no place like home. The yellow ribbons are all over the duhat tree.

Felmar Rowell Singco, Northern Samar: I do feel, in a way, the effects of the current global financial meltdown, and I can sense it in the air. I see it on the news that we read every day: news of layoffs; foreclosures; the closure of some businesses; and the lack of confidence, both in the buying public as well as in the selling businesses. But I have hope, and I do believe that there is a bright future ahead of us. I am also sure that we can weather this financial crisis with flying colors. I only hope that we will learn our lessons, and never forget them in the future, in order to not repeat this violent cycle of want and waste.

There’s a good side to it

Ricardo Tolentino, Laoag City: The good effect of the economic meltdown is the low cost of oil, which is good for lower-income household budgets.

So far, so good

Gerry Del Cano, Muntinlupa City: The beginning of this year is good for me and my family; with God’s help, we pray that the whole year will be smooth-sailing. 

Eufrocino Linsangan, Isabela: I’m more than glad that so far, we don’t feel the effects of the global financial meltdown at sana ay hindi na nga. One thing is definite; Somebody up there is helping us.

Jim Veneracion, Naga City: Just like our boastful government, I have yet to feel the ill effects of the global financial meltdown. I pray to God that we surpass it and the economy stays intact.

Joana Rizza Bagano, Benguet: I actually don’t feel it because I am not yet earning for myself or fending for a family.

Renato Taylan, Ilocos Norte: So far, its effects can’t be exaggerated. Our morning ration of pandesal from our neighborhood bakery still comes in its appreciable size.

Manuel Abejero, Pangasinan: Smile; the global financial tsunami hasn’t entered the par yet. My son-in-law still sends me financial assistance from London, so he must be doing good.

Alexander Raquepo, Ilocos Sur: So far, I have not yet totally felt its effects since my family and I live in the countryside, where life is simple and very affordable. However, when I travel to Manila and some other cities and witness how some people lead their lives and earn their living, I see its effects.

Another round of belt tightening

June Deoferio, Cavite: This calls for another round of belt-tightening among us Filipinos, especially OFWs that were terminated due to the global crisis.

Arrin Padual, Metro Manila: It can’t be denied that the global financial meltdown is manifested in the alarming, growing number of street children, out-of-school youth and unemployed.

Aldo Pascual, Quezon City: Sometimes, I’m not able to receive my baon for the day. It doesn’t even serve as utang muna. I just try to understand the situation.

I don’t keep up with the Joneses

Manny Cordeta, Marikina City: As I see it, this global financial meltdown is actually an economic crisis that has long been in existence, only that it is being renamed. The only difference is that the world’s superpower, the US, has been getting the worst beating since the fourth quarter of 2008. Global car firms and world-renowned department stores and boutiques have resorted to mass layoffs, if not totally closed shop. I have long retired from a leading pharmaceutical firm in the Philippines and the whole of Southeast Asia, for that matter, and I’m proud to note that there has been no retrenchment on record. With spiraling prices of basic commodities and ever-increasing tuition fees, this could easily be a Philippine-style financial meltdown. But with a modest financial investment to boot augmented by a fixed monthly pension, modesty aside, the effects on me, if any, seem negligible. Why? It’s simply a matter of living within my means, and as the saying goes, not keeping up with the Joneses.

It’s harder to make money

Rose Leobrera, Manila: It’s hard to make money. No matter how hard we strive to earn, it’s still not enough to sustain a decent living. I admit that one reason for my financial difficulties is nagpapa-aral pa ako and my son’s course is costly. Bills, credit card debts, and the maintenance of our building make me sick. When my husband works 24/7, half of it goes to taxes, kaya I am surprised when I see how big his income is on paper, and I don’t even see where it went. Nowadays, I spend more on necessities. When I want something, I really have to save for it. My out-of-town trips are scheduled, too, because I need to prepare a big budget for gas, food and shopping. I don’t really know if these have to do with the global crisis, but it probably does, since it’s only now that I feel a thin wallet unlike before when I could buy what I like, in cash, at the snap of a finger. Now, I still need my credit card.

Ruel Bautista, Laguna: Upon retirement, I chose to engage in LPG retailing, which is now our only source of income. With the scarcity of supplies now, baka pulutin na kami sa kankungan. 

William Gonzaga, Marikina City: The global financial meltdown caused the unexpected cancellation and suspension of several projects, which my new business partners hoped to start in the fourth quarter of 2008.

Signs of the times

Gerii Calupitan, Muntinlupa City: The global financial crisis can be seen and felt in small and large matters. I often buy breakfast from the neighborhood kainan. Magbobotes as well as tricycle and jeepney drivers and factory workers eat P10 to P15 meals there. The place used to close at 1pm, now, he’s open up to 8 pm. “Mahirap po ang pera, sir!” he said. Even the attendance at LERAP’s affairs, which used to reach 150 to 300 riders, has dwindled to around 50. Even my burgis friend uses a 2007 Pajero. Dati, yearly, latest model SUV ang gamit niya! 

It’s no laughing matter

C.K. Yeo, Iloilo City: Should we suffer from the effects of the present global financial meltdown, we only have ourselves to blame. Population planning has never been in the agenda of the government. Our population was at par with Malaysia and Thailand in the ’50s but ours has almost tripled and now stands at 92 million. No wonder we can’t even feed our people. Also, militant labor unions have wiped out clean industries in the Philippines and politicians have not lifted a finger to defend businessmen. Corruption in government gets worse by the day. Thousands of Filipinos have to go overseas to find jobs. The present global meltdown is no laughing matter. Our economy was able to depend on the OFWs’ remittances in the past; this time it might not be as easy. Tens of thousands of OFWs have begun to trek back home. The situation will get worse before it gets better.

Prudent spending

Benjamin Nillo, Las Piñas City: Due to the prevailing financial crunch, fewer people are in the process of buying or building their own house.

Rey Ibalan, Antipolo City: In a way, it scares me. I have a grim scenario of life’s difficulties ahead, but this makes me be more prudent and to work even harder.

Imee Aglibot, Rizal: When the crisis started hitting the US, my husband and I were ready and the kids were willing to do their share. When meat and poultry became too expensive, we decreased our consumption and chose to eat more fish and seafood. There were times when even vegetables were priced unreasonably high, so we planned our budget wisely. When it came to groceries, we dropped our usual favorites and chose more practical purchases. We save on electricity, water and LPG; leave no leftovers except for the dog. We scheduled activities to minimize on transportation expenses. My husband would take my daughter to school before going to work and he would pick her up on his way home. It wasn’t really hard, as everyone was doing the same thing. For us, it’s acting on our instincts: Go with the flow and don’t get caught unprepared. It’s always better to save for rainy days, affected or not by any crises.

The major effects are still to come

Elpidio Que, Vigan: The global financial meltdown has not reached us yet in big waves. Its effects on us are still coming in trickles. However, in the coming days ahead, it will hit us like a tsunami. The recession is already taking its toll on China and Japan, both of which are economic tigers, so how can we avoid it when we are a mere economic kitten?

Lucky not to be affected

Dennis Acop, Baguio City: By God’s grace, I am so far lucky to be in an industry that is not severely hit by the global financial meltdown. However, if news accounts are to be believed, we are already feeling the adverse effects of the recession domestically and overseas in a number of industries. In Baguio alone, Texas Instruments reportedly streamlined its workforce, affecting some 400 employees. Secondly, hundreds of our OFWs working in Singapore, Japan, Hong Kong, South Korea, and other parts have been forced to return home. A brother of mine was forced to go home from Japan. Finally, some multinational companies have either already pulled out or are about to. I hope and pray that people somehow find alternative sources of livelihood fast. I hope the government would focus on helping the unemployed get back on their feet instead of wasting too much time and resources on controversies that are mostly of their own making.

Preparing for the worst

Marlone Ramirez, Dubai: This year, the worldwide financial crisis affected my work activities. Starting September 2008, our company canceled our overtime work due to the limited projects and lower demand in manufacturing. This is a big deficit to our monthly salary. Moreover, the amount we send to the Philippines is less while prices are not going down. The coming months are still full of uncertainty; our company is implementing cost-cutting measures to the annual budget. We are preparing ourselves for the worse scenarios and unforeseen outcomes in the near future.

Nestor Buñag, Mandaluyong City: Still optimistic yet wary, I refer to Phil. Star and watch three international news channels for clear signals directly affecting not only domestic but also foreign trends concerning trading and shipping firms. The commodity markets in trading, ocean freight and shipping agencies are my vital concerns.

We’ve always been in crisis

Germi Sison, Cabanatuan City: As a retiree living on a monthly SSS pension with not much in my bank account, I cannot afford to engage in high financing discussion. This so-called global financial meltdown has not, in my own concept, affected me yet. The increasing price of basic commodities and services has been with us since time immemorial. When I say, “Wala pang NLEX, wala pang diversion road sa Baliuag at San Miguel, ang biyahe na Manila to Cabanatuan ay dalawang oras at kalahati lang at ang pamasahe ay uno kinse lang,” the retort, which comes in a chorus, is “Panahon pa ni Mahoma yun.” That only shows that our facilities are going ballistic, but the goods and services are getting worse and the prices are skyrocketing. This financial meltdown, which began in giant financing firms in the US, is new, but poor quality and high prices has been with us for ages. I am already immune to economic crises, kaya ang global financial meltdown, wala ‘yan.

Let’s pray that the government steps in

I. Calata, Parañaque City: Since the onset of the global financial meltdown, I have not felt its effect unlike when the price of oil went up to $147 per barrel. At present, because of the steady level of the prices of prime commodities, with slight fluctuations since before the Christmas season, I feel that Filipinos like me can weather the situation. A retiree like me has to stretch his budget, so I have and none of the luxuries I’ve had in the past that would upset the meager budget. Let us all pray that the worst effect of the recession that is now gripping the rich nations of the world will not hit us hard. We pray, too, that our government now acts to put us away from harm way in regard to this fearful global threat.

THE WAY I SEE IT

Nick Ocampo, Metro Manila: While there’s plenty of blame to go around for America’s mortgage meltdown, one cause that few are talking about is hazardous lending.

Fortunato Aguirre, Bulacan: Our earth is becoming overpopulated yet it is not getting any bigger. Family planning is a must.

Joseph Gomez, Dagupan City: Pacquiao should just agree to the 50-50 sharing with Hatton. Pacquiao did not get a million hits in pay-per-view when he fought Diaz.

REACTIONS

Edwin Castillo, Tanauan City: To Alex Magno: Your fellow columnist W.M. Esposo needs self-regulation on riding on the Valley Golf Club brawl incident without checking the facts.

Erwin Espinosa, Pangasinan: To Federico Pascual: Your cabalen, ‘Among’ Ed Panlilio, is dreaming a quixotic dream. Who will finance his campaign kitty? Ateneo?

Views expressed in this section do not necessarily reflect the editorial position of The STAR. The STAR does not knowingly publish false information and may not be held liable for the views of readers exercising their right to free expression. The publication also reserves the right to edit contributions to this section as it sees fit.

NEXT INBOX QUESTION: How do you reconcile that most Filipinos say they are proud to be Filipino but would readily apply for US citizenship?

If registered, text philstar<space>fb<space>your message and send to 2256 (all networks)

To register, text philstar<space>reg<space>name,gender,birthdate,address and send to 2256 (all networks)

You may also email your views to: [email protected].