JAZA: Pinoys luckier than most

Amidst the not-so-rosy projections for next years, the chairman of one of the largest conglomerates in the Philippines is telling the average Pinoy not to be sleepless this Christmas for the new year will not be as foretold.

In fact, it will be better than foretold.

Ayala Corp. chairman Jaime Augusto Zobel de Ayala (“JAZA”) shared this alternative view with guests in a forum dubbed “Cheer amidst the Gloom,” at a P3,000-a-plate benefit lunch for Children’s Hour at the Ayala Museum in Makati City yesterday. He said that three months ago he was worried about the Philippines’ being hard hit by the global economic meltdown, “but I am a touch more comfortable now.”

Another business tycoon, Alaska’s Wilfred Steven Uytengsu expressed hope that regardless of who becomes president, “We go through a democratic process and that the Constitution is upheld” in 2010.

Uytengsu, in response to a question on whether or not the 2010 elections will boost the economy, said, “In a democracy, there is no guarantee that the next president will be better than the previous one. But the private sector will have to soldier on irrespective of who does take office, and whatever the agenda will be. As sure as the sun will rise, we will have to.”

JAZA said that though there would be difficulties and some belt-tightening needed in the next couple of years, “the average Filipino will get by.”

He pointed out that though the world has changed, opportunities for growth remain. “GDP growth is still projected.”

“I see a positive combustion,” he predicted. In fact, he sees a “disconnect” between what is happening in developed countries and what is happening in the Philippines.

“What is left is for our stock market to recognize it,” he quipped at the benefit lunch, which was attended by top businessmen and prominent members of civil society. He said the Philippines was spared the, “terrible declines you see in developed countries.”

JAZA pointed out that the Philippines’ economic fundamentals remain sound; banks are not too “leveraged”; there is no major problem in financial sector; inflation is declining; oil prices are declining; remittances from OFWs continue to grow with sustained labor deployment and government spending is going to increase.

A clear advantage for the Philippines, he pointed out, is that it is not an export-driven economy.

“Domestic consumption is still the driver of the economy,” he said and with remittances from Overseas Filipino Workers still increasing and the peso devaluing, domestic consumption is still expected to be robust. That is why retail businesses continue to hum.

“The Philippines can continue to live within its means,” he said.

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Also at the forum was Alaska’s Wilfred Steven Uytengsu, who shared the story of South African cricket player Victor Vermeulen who became a quadriplegic after mistakenly diving into the shallow end of a swimming pool after dark. He lost all sensation from the chest down. Vermeulen got over his initial depression when he was shown a picture of another quadriplegic — except that the latter was blind as well.

That got Vermeulen thinking of how lucky he actually was, because he could see! Asked what he missed most about his former self, Vermeulen said, “the feel of a shower running down my back.” Simple joys we take for granted till we lose them.

From Vermeulen, Uytengsu learned “not to be bogged down by self pity. Life is too precious to waste.”

Uytengsu’s message echoed that of Zobel de Ayala. Things may be bad, but the Philippines is definitely better off than most, and Filipinos should still count their blessings.

In closing, Uytengsu said: “Yes we, can, if we choose to do so.”

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Children’s Hour is a fundraising organization that taps individuals, employees and corporations to donate at least one hour of their earnings to projects that improve the welfare of disadvantaged Filipino minors. Both Zobel de Ayala and Uytengsu are active in the project, whose honorary chairman is former President Corazon Aquino.

JAZA says his parents Jaime and Bea raised their children to give back. After he returned from business school in the US, JAZA pledged that he would devote 20 percent of his time to “non-profit work.”

Uytengsu, who matches his employees’ contributions to Children’s Hour, says that helping disadvantaged children became his cause after an incident on what was then called Highway 54 ( now EDSA) a few decades ago. He was enjoying an ice cream cone inside his car, which was stalled by traffic. A street child knocked on his window and Uytengsu gave up the only thing he had at the moment: the ice cream cone. 

So you swore that one day you would give ice cream to more Filipino children, I asked.

“I did better, I gave them milk!” says Alaska’s head honcho.

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I left the forum feeling lighter. I’ve always believed in seeing the glass half full, but sometimes bad news dampens my outlook. But hey, if businessmen who go by cold facts and figures can see black instead of red, then we can definitely see cheer amidst the gloom.

JAZA’s presentation, though buttressed by facts and figures, could well have been titled, “Jingle Bells.” Because it spread cheer in an audience that was understandably wondering if a merry Christmas was just a greeting or a self-fulfilling prophecy.

If you count your blessings, as Uytengsu urged, and look at the brighter side of things, as JAZA proposed — and give back, as Children’s Hour hopes — Christmas will be merry and the new year, something to look forward to.  

(Children’s Hour may be reached at 752-1180.)

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