Obama's victory to bring global economic rebound

Although “fear of uncertainty” still haunts some sectors following the results of the US elections, business activists in Cebu are optimistic that Barack Obama’s win brings the possibility of an economic rebound.

"Obama's win will be good for the US. He is a unifying force and will also be capable of global unification. Peace and confidence is always good for business and what is good for them is also good for the Philippines," said Cebu Business Club President Dondi Joseph.

A good economic-remedy platform in the US may be good for Philippine business sector especially the exports, but exporter Michael Basubas said the results may take a while, considering that Obama's predecessor George Bush has left a bit of heavy and overwhelming monetary problems for the US.

Basubas, who is the former president of the Cebu Furniture Industries Foundation Inc. (CFIF) said if Obama will play his cards well, it will be good for the Philippine economy in general, specifically the export sector which has been badly hit by the US-infused economic downturn.

For his part, Philippine Retailers Association (PRA)-Cebu Chairman Jay Aldeguer said the local retail sector is one with the rest of the world in looking forward to the fresh start that Obama had promised in his speeches, particularly in finding ways to cushion the US economy from the financial crisis it is presently tied up with.

"We may not see an immediate effect just yet but we are hoping that this new direction is a good thing for the Philippines, and even for Cebu," Aldeguer said.

Aldeguer stressed that the retail sector may be preparing for the backlash of the global financial crisis next year. However, players are optimistic the effects are not one to cripple the industry under an Obama presidency.

He said PRA-Cebu offers its members with various trainings that are designed to help business organizations become more efficient and productive, even as consumers become more prudent with their spending.

"Generally, the consumer market, not only in the United States, but even in the Philippines and the rest of the world are hopeful that Obama's presidency will bring positive impact to the global economy," said Aldeguer. —Ehda M. Dagooc