Fear Factor

The impact of the global recession is so magnified that when I open the papers to keep abreast, it is like taking a plunge into the depth of fear. In self-preservation, I linger over the entertainment pages before I cruise to the world, the nation and eventually the local news.

In that order, the voyage doesn’t seem quite foreboding. Actually when I get down to the nation, there is no news at all. It is the same story really. Poverty, politics and corruption. The theme is carried through the local reports. Running your eyes through the written pages is like taking a task in the Fear Factor challenge.

While we were engrossed in the crises that has affected the larger nations, we missed noticing that we have close to 3% increase in our gross national product. This is a good indicator considering that we have always thought that we will just fold up and scurry into a corner to lick out wounds.

Oh yes, the world is in an economic predicament. Well, so what? If I have to be callous about it, at least now we have company! But WE ARE NOT IN A TOTAL CRISIS YET! I think what really makes a crisis is the fear that its rumor espouses. When we hear about it, we immediately react with anxiety that leads to panic. A bad joke through a text brought many depositors of a bank to withdraw their money, making them prone to thieves.

Take the lessons from the larger nations. They face their calamity with courage, looking at the setback and drawing from the basics of problem solving. They analyze the problem to make it small, finding ways and means to solve their condition before depression turns into a catastrophe. They just don’t talk about it or hang their dirty linen in the papers for others to discuss.

Maybe it’s our nature, or our culture, we love the drama so even if we don’t have a situation as bad as some other countries, we conflagrate our dilemma with politics. Perhaps we are gifted with so much empathy that we enjoy claiming a glitch as a large drawback. Maybe it’s because we are nurtured with fear that our first reaction to a lack of a commodity is to hoard it that takes us unmerited panic because truth is, there really is no shortage when we think of the worldwide supply of food. We just breed fear to jolt the prices. So each country with a special product increases his lot so that he has bargaining power to trade in the world market. This crisis is about power. Not simple economics.

I am not economist so my comments are just from the vantage of my observer’s deck. Possibly my common sense may be a little lopsided because I still want to believe in the Filipino and our ability to ride over the tide. We have many stories of survival in our narratives of difficulty. People have shaped businesses in the midst of crisis. Bernie Liu CEO of Golden ABC claims that his company set up three of their ventures in tricky financial climates. They took the positive turn, not allowing the popular “impending doom” to settle on their heads as it hovered. Innovations have risen out of a need like inventions for energy savers, fuel alternatives and utility consumption reducers. Sometimes creativity is borne out of harsh and rigid state of affairs.

Attitude turns a circumstance around from worse to better or vise versa. Economist and business consultant Romeo Briones shared his thoughts with us on the financial crisis. “We are not in a recession but we are experiencing a slowdown. Let us prepare for the recovery.” According to Briones, the normal reaction of people when they are faced with crisis is to cut on costs. But as this is practiced, what happens is the “paradox of thrift” where money the block in the circulation of money cuts the flow of investment. By keeping the money in the pocket, the flow of currencies is dammed but it does not reduce the sea of economic depression. In fact it adds to it.

Before you think I am totally oblivious and indifferent, facts show we are experiencing a labor downturn especially among exporters as the source of their business is from other countries and we shall expect more of this. The unstable movement of oil prices also makes us vulnerable. If the global trending does not improve we may suffer more job losses reducing the buying capacity of Juan- the impact is insurmountable.

I am for fostering inner strengths. Going back to the basics: curb population growth; support research and production that lead to alternative energy sources and economy enhancing discoveries; encourage programs that lead towards food security; grow local markets through affordable quality products; use local materials, local talents and labor.. Cultivate self-confidence, self-reliance and judicious use of resources. Enlarge reliability and continue to nurture the goodness in us. Capitalize on our resilience and our ability to cope with a changing environment. This is not the time to complain and have strikes; one can not give what one does not have so why ask for nothing? Let us work together to gain something! Let us be our labor union by being transparent with our workers and seeking their suggestions on how to keep afloat. Even the radical labor organizations can not offer solutions they only give pressure and close the shop.

Mandaue Chamber of Commerce president, Eric Ng Mendoza asks business to focus on champion industries like tourism, health and wellness, technology and education.

A good friend and one of my favorite people in Mandaue Chamber, Brian Chua believes that we must be unfazed by these temporary states. Business leaders, managers and heads of offices must not let the uncertainties overcome them for their people draw strength from their leaders. Once the staff lose their morale, then business is bound to suffer.

God has prepared us for these times. In the Bible, it was asked of a man “what would you do if you knew that you were going to die tomorrow?” and he answered “I will continue to plough my field.”