O RLY?
O RLY?
I just got back from the kitchen and I overheard some AM radio commentator make irresponsible comments about the global financial crisis. He went on and on and on about the recession in the United States and Europe and how it's not affecting the Philippines because majority of the Filipinos are having a hard time already. I have no idea what station or who the commentator was but I can't believe there are people out there who give such rubbish on the radio.
Although there are some truths in some of his comments (ie. poverty everywhere etc), contrary to what he said, the financial turmoil that's happening around the world has a big -- no - HUGE effect in the Philippines. For instance, there are so many Filipinos overseas who depend on foreign jobs. Even workers in the Philippines are at risk. How many foreign companies outsource their work over here in the Philippines? How many foreign-owned plants are here? What about Filipino exporters? How many companies in the Philippines export their goods overseas when retail sales everywhere are at record, all-time lows? I was chatting to a friend a few days ago how they export ornaments to department stores in the USA. A major chain canceled their order, post-production earlier last year, leaving her out of money and she had no choice but to lay off a few workers in the province. Everyone all over is being made redundant, everyone is getting fired, everyone is downsizing. Don't get me started with this whole "the recession does not have an effect in the Philippines" bullshit.
* photo credits: wireimage, national library of australia
