Save More, Go Local!

First, they shorten your working hours. Then, they are open to your taking a vacation without pay. Then, the boom is lowered, and soon enough, one is back home, composing a new resume or staring blankly at the ceiling.

Hundreds of people are losing their jobs everyday due to the global financial crisis. Most of the jobs affected are in the electronics sector. Also affected are thousands of overseas Filipino workers from Asian countries. Not reported are the number of job contracts deferred as big-ticket construction projects in the UAE, Australia, Macau, Canada and other countries have been temporarily shelved.

We live in extraordinary times because of extraordinary sins. A reckless US economy; a slack in corporate and financial regulation and supervision; and a huge commodity bubble comprise the triad of mortal sins that sank the US economy.

And because the US economy is sick, other economies have caught the virus. Because of tighter credit conditions, consumer retrenchment and falling corporate investment, advanced economies experience an unusual synchronized downturn.

Now, the best remedy is for us to buy local, go back to basics and for the private sector to focus on goods and services that offer value, style and quality.

Self-empowerment is the key. There is a need to conduct workshops and training sessions to retool laid off workers, reinvent careers and instill self-confidence. Weaker economies mean lower demand for Philippine products.

Weaker exports demand means more layoffs. Go for more labor intensive infrastructure rather than new big ticket construction projects. More weight should also be given to rural infrastructure like small irrigation projects and farm-to-market roads.

These coping mechanisms at a time of great uncertainty should give each one of us much to think about. There should be air of optimism in this country.

Just as we brace ourselves for stormy weather, we also need to start preparing for when the sun finally comes out. Save more, go local. Pray more and work even harder. But always, always keep the faith in the determination, hard work, and quality of our very own workers.