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Global Economic Crisis: Implications and Challenges to the Philippines Essay

This is a forum where we can wonder, what is really happening in our country? Mr. W.D. Hilton our keynote speaker discussed the possible effects of the Global Economic Crisis in the Philippines. In this paper, I will write some of the highlights when we talked about Global Economic Crisis. The primary target of the said crisis is the people. There are so many people suffering in crisis and covered by clouds of hopelessness. Is there any hope, waiting for us to a brighter prospect of life?

There are so many problems that we are experiencing right now. For our country Philippines, the Global Economic Crisis really put our country at stake. There is a big probability that there are many fellow Filipinos will be put to the test; on how high are their faith and how strong they are in facing the Economic crisis as of now. As a citizen concern, there are so many questions that are bothering to me at this time such as, what is Global crisis exactly means? When will economic crisis end? How to cope with the global financial crisis? And, what would be the possible effects of Economic crisis in the Philippines?

What is really a Global Economic Crisis means? Based on my own understanding, Global Economic Crisis is the situation where more than one country is affected by scarcity of resources to be needed enable to provide for all citizens globally. When you say crisis, as what the dictionary defined it as, a condition of instability or danger in social, economic, political or international affairs leading to decisive change. This definition implies that our country is obviously affected by the so called Global Economic Crisis. As what the symposium explained and emphasized during the discussion, it is visible to the eye that we are one of the most affected by
the crisis because as a third world country, this is not impossible to happen.

The hardest question that crossed my mind was, when will economic crisis end? This would be a difficult question that the answer is still unclear for us, Filipinos. Another question is, is the Philippine Economy ready to battle the Global Financial Hardship? In our status right now, we are still struggling for some very broad reasons such as, corruptions, poor leaderships and rich in stealing wealth from others. If we still continue this type of system in our country, there’s no hope for any survival in crisis. Our superior in the government doesn’t have any heart for the poor and the rich people are getting richer. As a democratic country, how can we fight for what is right when all that we have is the left over of the government?

Global economic Crisis touches the people’s lives negatively in some other ways. Here is some example of situations that is occurring right now. We can’t stop the time from approaching to us and will surprise us that one day; there would be a downsizing in the organization. One of the main reasons of downsizing of employees is, the company cannot afford to pay their salaries anymore due to financial crisis. It is hard for the organization to motivate their employees well because of lack benefits and expenses for their compensations would be budgeted only.

For those who graduated recently, it would be difficult for them to get hired because there are no available jobs for them or the organizations are not yet ready for hiring new employees. It implies that there is no assurance even if you are holding a degree. Unfortunately, for the undergraduates are more difficult for them to find a job because of no vacancies for them available. For the prices of products or goods in the store, the consumer will buy it by bundles or dozens because they are aware or expecting that there is a price hiking because of high demand of goods. This is also the time that only few consumers because only few people can afford for the expensive price. That’s why they are taking the opportunity to buy the goods as many as possible. For our fellow Filipinos in other countries such as the OFW (Overseas Filipino Workers) they are also affected by Economic Crisis in such way. Have you heard the news that there was a time that the OFW’s were forced to send back to their respective countries due to poverty.

Of course, the foreign country will prioritize first their fellow countrymen before the other citizens while experiencing the crisis in their country. Lastly, for those who are my fellow students also got affected. Example of this, they are millions of students taking up “Nursing” because it is in demand this time. Without noticing it, that there so much rivals or competitors with that job, to the extent that they are only few of them got a vacant seat due to overflowing of graduates with that course. Because of the crisis, they are hoping to go abroad, but unfortunately, they are only selected and rare people has the capability or could meet the requirements in going abroad. So, where are they going? It takes time to wait for other demand from other countries.

With these situations, it would really pull us down. We are almost poor in everything even though we are rich in natural resources. We just didn’t know how to use our natural resources wisely. Even in making wise decisions are very hard for us. Poor in leadership, has a big impact in our country that’s why we are suffering and experiencing these unwanted state in life. We owe USA with a big amount. We are still hoping to pay for it but, if the occurring of corruptions in our country; it would be difficult for us to cope up because if greediness ruling inside of us, with no hesitations, our country is slowly dying.

To sum up everything, Global Economic Crisis is a big threat because we allow vulnerabilities and the threats to come. What would be the mitigating measure that we are going to use to cope up with the big crisis? I think truth shall always prevail. Our politics has a big part in our crisis right now. We should stress what should be stress out. We have to overcome the crisis this time because we are all accountable for whatever may happen.

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