Global Economic Crisis

by AMBROSIO R. VILLORENTE

Picture above shows Ms. Leonora S. Templonuevo - OIC, BSP with microphone while at left is Ms. Mae Gonzales Pador - Manager, Metrobank, Kalibo branch. At right is Miss Melanie Salazar - Manager, PNB Kalibo branch.

“Economic Recession” was the important topic discussed last Saturday, October 25 in the Kapehan sa Akean. The topic was thoroughly defined. The cause of global economic crisis as it affects the economy of the world especially the countries of the third world was discussed. The Kapehan ended at past 11 in the morning. Discussion was interesting.
Kapehan invited three lady resource persons. Ms. Leonora S. Templonuevo – Officer In-charge, Bangko Sentral Ng Pilipinas (BSP) launched the “Tulong Barya Para Sa Eskwela”. This is a project of the BSP which has raised funds used in the procurement of instructional facilities and materials such as computers and books. The BSP wants to raise more funds for school children in the public schools.
Ms. Templonuevo explained the uses of both coins and paper money, its production cost in the printing of paper bills and minting of coins. She explained in detail how to discover fake money bills.
Ms. Mae Gonzales Pador, branch manager of Metrobank, Kalibo assured the members of the Aklan tri-media, the Philippines financial condition is highly stable. “There is no reason to fear the global crisis,” she assured. According to her, Metrobank has US$ 20.4 million investment at Lehman Brothers. It has not affected at all the Metrobank.
According Ms. Pador, the merger of smaller banks in the Philippines was triggered by Asian Economic Crisis in 1997. According to her, the cost of the use of money and services of each bank are governed by each bank policy and marketing strategy.
Miss Melanie Salazar, branch manager of the Philippines National Bank (PNB), Kalibo branch discussed PNB’s banking services, its banking days and time. She announced PNB is open from Monday to Friday from 9:00 in the morning to 4:00 in the afternoon. PNB is also open on Saturdays from 2:00 to 4:00 in the afternoon.
PNP accepts savings deposit from OFW’s even without any minimum deposit, according to Miss Salazar. She also explained how to open all kinds of accounts available with the PNB.
Atty. Allen Salas Quimpo, president of Northwestern Visayan Colleges read his position paper. It analyzed the economic realities of the world. According to him, global crisis going on today is due to the integrated system of giant banks, conglomerates and investment financial houses.
This practice of giant banks has created inequalities and social disorders. Quimpo pointed out, “bigness is dehumanizing, the greatest exploitation of man against man as occurring under this economic order.”
“Bigness is unsustainable. Like a balloon, it would burst. Greed is without limit. What is man that he should strive to be better than God?” Quimpo asked.
Quimpo called to redefine human well being. He suggested to reverse this “flawed” for grant business as he advocated “small is beautiful”.
Quimpo recommends an order completely community based, decentralized, autonomous economic structure which the Philippines is possessed with the right profile to emerge as a model of his economic philosophy.
The anti-poor, anti-small and medium scale policy is even made more profound by the investment policies of government owned financial and quasi-financial institutions like the GSIS, SSS, and BSP. In the case of GSIS, it decided to invest $2.5 billion of its investment funds in the global market, appointing and paying hefty millions of dollars to foreign fund managers. In its charter, it has about 11 areas of investments. 10 are within Philippine jurisdiction. Only one is foreign. The GSIS neglected the 10 and chose the foreign. This is not only taking out much needed capital from our SME’s, not only as evidence of lack of trust in our people, but a grievous and unforgivable sin to the millions of GSIS members from whose contributions this money came. Members have been short changed both in service and benefits. It is but right and proper that GSIS management should be made to explain and forego with this madness. Madness when one has to consider the global financial crisis.
In advocating for a policy change, in demanding change in our government officials, it is never complete unless change start with us, our values, perspective, discipline and patriotism. We must be ready to forego personal gains in favour of the general welfare and sustainable development. It will require more than a change in attitude. It will need a change of heart. With love and God, nothing is impossible, Quimpo stressed. /MP