No recovery in 2001, says Davao City businessman

DAVAO CITY – It would be survival of the fittest for Filipinos this year, especially during the first four months, a local business leader said.

"Based on how things are going on now, the economy would not be able to recover yet this year. Things would really be difficult this year. I don’t think we will recover at all," said John Gaisano Jr., incoming president of the Davao City Chamber of Commerce and Industry Inc.

Gaisano said the jueteng scandal that led to the impeachment of President Estrada was not really the cause of the country’s present economic woes.

"We were only starting to recover from the 1997 financial crisis when things were compounded by the juetengate issue," he said.

He said traders would have to plan for higher expenses vis-a-vis lower sales.

"It would really be hard for businessmen who have been hit by the 1997 financial crisis. I believe that there will be more businesses that will close down," he added.

He said people would have to learn to manage and make do with available resources.

Gaisano said times have, indeed, changed compared to the 1980s when businessmen would scramble to increase the prices of their goods whenever fuel prices would spiral and the peso would depreciate.

"You can notice now that despite the fact that the peso has depreciated and fuel prices have increased, businessmen have struggled to keep the prices of commodities low," he said.

Besides, Gaisano said businessmen these days have difficulty accessing bank loans for their working capital. — Edith Regalado