Bona fide text
Education to fight GFC
The global economic meltdown is an ongoing major Global Financial Crisis (GFC). It became prominently visible in September 2008 with the failure, merger, or conservatorship of several large United States-based financial firms. It also includes the collapse of the US sub-prime mortgage market and the reversals of the housing boom in other industrialized economies have had a ripple effect around the world. This crisis has already pushed an additional 100 million people into poverty, if not treated immediately, the economy of both the developing and progressing countries will surely crumple.
In the Philippines, we are greatly affected on this economic situation. We can’t deny the fact that we are working hand-in-hand with other countries especially the United States.
If we try to look on this on a more positive side, I suggest that best word that can help is the four-letter word HOPE. That is why it is very timely that we have to strengthen technical-vocational education at the crossroads of global economic meltdown. Indeed, we need to focus on ways how to fight and cope with the current problem that each country is experiencing.
We have an ambitious plan to develop higher education and we have to continue with it for ensuring better future of our nation and the country. We must have to exploit every possible opportunity for the sake of the future of our youth and the people.
These financial difficulties are a temporary phenomena, which would be overcome in due course of time but it should not disturb our development programs. We have no other choice but to invest on education of our children. And again, we need to strengthen our technical-vocational education.
In this age of knowledge driven economy and to derive maximum fruits of it, we must have to develop an environment for high tech pursuits in our institutions of higher learning in a vocational education.
In a period of economic difficulties, education is often a solution for retraining for new jobs or a temporary refuge to steer the turbulence in the labor market. As labor market conditions change due to technological changes, industrial restructuring, globalization or economic recession, workers can indeed improve their position in the market by acquiring new skills and knowledge or changing profession altogether. In the market economy, the labor market is often deregulated and it is vital for workers to stay competitive.
President Gloria Macapagal-Arroyo has already called on regional and world leaders to “unite and come up with a coordinated approach” in dealing with the financial crisis sweeping the world. If we strengthen our technical-vocational education, it will be ours 0- Philippines HOPE in coping with the ongoing global economic meltdown. In HOPE, there’s unity. Let’s unite for a common good. Let’s fight the global crisis!