EDITORIAL - National day of prayer

The Asian Development Bank has warned that Asia faces a new capital crunch following the Sept. 11 attacks in the United States and continuing threats of terrorism. Lower earnings and reduced access to financing could kill companies already weakened by the global economic slump, the ADB warned. Meanwhile, Philippine labor officials said about 2,000 companies may be unable to give out bonuses or even the mandatory 13th month pay this Christmas because of the economic slowdown. After this story was published, however, labor officials made an about-face and said it won’t be a bleak Christmas for workers.

But no matter how hard govern-ment officials try to put a rosy spin on statistics, all indications point to tough times ahead. Even before the Sept. 11 attacks, the world was already teetering on the brink of recession. The dotcom bubble burst last year and the global economy has been on a downward spiral since then. Among the hardest hit have been economies dependent on electronic exports including the Philippines. Sept. 11 only made things worse. Across the United States businesses have been shutting down, which means unemployment and a major plunge in consumption. When this happens in the world’s biggest economy, the rest of the globe can’t help but feel the aftershocks. 

Apart from economic woes, the Philippines is saddled with political instability that has persisted since a new government took over in January. Peace and order problems are also scaring away tourists and investors. In this period of uncertainty the nation must be able to offer an unusually attractive incentive package to lure investors and visitors. For this we need leaders who can work together in the name of national interest. Yet every day we only get more of the same from our national leaders: political bickering, corruption scandals, even lawmakers who had to be locked up in the House of Representatives to get some work done.

Yesterday President Arroyo led an ecumenical gathering at the Quirino Grandstand for the annual National Day of Prayer and Fasting. She joined religious leaders in praying for national unity, and renewed her call for a one-year moratorium on political bickering. With all the problems besetting the nation, the public can only hope some of the prayers uttered yesterday will be answered.