Philippine Economy: Uplifts in times of Crisis

Western countries faced the downfall of their business and financial stability for almost 2 years now. As what U.S. President Barrack Obama has promised, the global financial crisis will soon come to an end by the year 2011, which is closely next year. The results of these events made the U.S. Dollar to fluctuate it's value against other currencies that made other countries to float from their sinking economy.

In the Philippines, the global financial crisis has a big impact for most Filipino businessmen. Through which some businesses were closed especially the export industry whose backbone is exporting goods in some parts of Europe and The United States. One example is the furniture business that faced tough option to sell their export quality furnishes locally due to the low number of orders abroad.

the bustling city of Makati, Philippines

Outsourcing has also been affected with this crisis that made some companies sold their shares to well established companies or even merge as one company just to sustain stability towards their clients and it's people. Another great example is the B.P.O. or Business Process Outsourcing industry that comprises of most call centers in the Philippines. As these businesses flocked the country since the year 2000, it created numerous jobs for Filipinos and big revenue as well for our economy.

Makati by night where most call and contact centers are located.

As the peak of the crisis continued in 2008-2009, it never made these businesses falter, instead it gave more opportunities for the country to invite new investors since Philippines has it's strategic location, advanced technology, and manpower that is skilled and is able to communicate well versed English which is the main advantage of Filipinos to other Asian countries.

Asiatown IT Park in Cebu City, Philippines is know as the second IT hub in the country.

Overseas Filipino Workers (OFW) was once affected by these crisis, yet not a reason for remittances to decrease. Filipinos working in London, U.S., Dubai, Japan and other countries, were given financial assistance or even went back home to start a small income business. As time passes by, they were given again the chance to work abroad as part of the government's initiative to retain their jobs when the crisis will be over.

data shows how OFW Remittances helped our country in terms of revenue.

At the Philippines Stock Market, the Philippine Peso (Php) continues to soar high against the U.S. Dollar, which is a good sign. But some analysts say that this is just temporary, because the United States right now starts to get up from it's long nightmare after Pres. Barrack Obama imposed new laws and payment schemes in applying for credit, loan and mortgage.

figures of the Philippine Stock Exchange

The media sector can probably say that the global financial crisis was really felt here in the Philippines but it didn't made Filipinos to falter or even give up. Instead, it was just an avenue for everybody to strive hard in order to sustain it's needs. The country faced a lot of trials and challenges that sometimes we want to surrender. The global financial crisis is still at it's peak and still existing, that we Filipinos just shrug it off and remained happy as we are.