City prepares for impact of global economic meltdown
City Administrator Dr. Rogelio Balo said that the impact of the global economic meltdown to the country has not yet been foreseen with clarity, as of this time.
He still believes that the Philippines is much luckier among other countries insofar as global economic meltdown is concerned.
He said that Mayor Evelio R. Leonardia has instructed him to make a study on its impact locally so as the city could prepare for it and minimize its impact especially in multi-national agencies doing business in the city.
Businessman Babes Alvarez also said that this major economic concern has delivered a severe public awakening. "We all need to focus on how to help those below poverty line have a sustainable income."
Earlier, MBCCI Vice President for External Affairs Mr. Jose Ma. Zayco reported that there were 98 handicraft, gift and house ware exporters in the province who were badly affected by the global economic meltdown.
He said that only 20% of their clients ordered products from them and this has forced these exporters to cut down the number of employees.
They employed 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.