Negros exporters start to feel impact of global economic crisis
BACOLOD CITY -- The global economic meltdown has its effects in some local industries in Negros Occidental, said MBCCI Vice President for External Affairs Mr. Jose Ma. Zayco.
There are 98 handicraft, gift and house ware exporters in the province who in the past ten years, have enjoyed the fruits of their labor, exporting products in Europe and in America.
With the onslaught of the economic meltdown, only 20% of their clients ordered products from them and this has forced them to cut down the number of employees. They employ more or less 700 people.
The exporters now are starting to feel the pains of the global economic meltdown.
They also expect that the off milling season will come early April. The so-called "Tyiempo's Muertos" is expected to fall on April to August.
"We will expect the coming out of smut magazines, gambling will increase its scope and criminality will also increase because the people will have to find means on how to minimize the impact of the economic crisis," he said.
Police visibility is very much needed when this happens.
He also cited, "The Asian economic crisis that we have experienced in 1997 might be experienced by us with this economic meltdown. I was the victim of the Asian economic crisis when I borrowed money from banks and the interest rate went doubled. The interest rate when I borrowed was 11%. With the Asian economic crisis came, it went to 27%," he said.