Published by the Visayan Daily Star Publications, Inc.
|NINFA R. LEONARDIA|
Editor-in-Chief & President
NIDA A. BUENAFE
MAJA P. DELY
ANTONIO L. LEONARDIA|
It had to take others to tell us that our country is not doing too badly, after all.
At the ongoing annual meeting of the Asian Development Bank governors being held in Manila, officials present pointed out how Asian countries like the Philippines are coping, despite the fact that some of those in Europe are experiencing what they termed “mild recessions.” What they underscored was the fact that the crisis in Europe is not likely to stall the progress of Asian economies, because, countries like ours, for instance, rely on domestic consumption. Indeed, we consume more of what we produce locally, than what we export, so we need not rely on such markets as those of Europe, or other Western countries.
These are reassuring words, but the visitors also had some advice for us. Among them is that we must diversify our products as well as our markets so that we can sell to the more industrialized Western countries. Another is to address the wide disparity in income, and to work on an economic growth of seven to eight percent against the five to six percent projected by our economists. Then, too, we must pursue the advances in technology to keep abreast of all developments worldwide.
Since, like other Asian countries, we, too, rely heavily on the dollars brought in by overseas workers, we were assured that this need not be affected, even with the crisis in other countries because our workers are spread out into many places and their services continue to be needed.
Our officials will do well, therefore, to listen to these observations and suggestions, coming as they do, from experts and specialist in the economic and financial sectors. Being themselves Asians, we all share so many things in common, in our problems, as well as in their solutions.*