Tuesday, March 3, 2009

Great Speeches: One. Global. Filipino: Sustaining Gains, Surging Ahead

From the Author: The global financial crisis has been a steady topic for the past few months since the US financial system crashed. Here is one speech on the effects of the global turmoil in the Philippines.

MELENCIA DAEL, PRESIDENT OF QUEZON LUCENA CHAMBER OF COMMERCE AND INDUSTRY;

MEMBERS OF THE OFFICERS OF THE PCCI;

DISTINGUISHED GUESTS;

LADIES AND GENTLEMEN, A PLEASANT MORNING TO YOU ALL.

I AM HONORED TO BE HERE IN THE 10TH INSTALLATION OF OFFICERS AND DIRECTORS AND INDUCTION OF NEW MEMBERS OF THE QLCCI. THE RAPID DEVELOPMENT OF QUEZON LUCENA HAS GIVEN US SO MUCH TO BE PROUD OF. BEFORE ANYTHING ELSE, LET ME TAKE THIS OPPORTUNITY TO CONGRATULATE BOARD OF DIRECTORS OF THE QLCCI FOR WINNING THE BEST CHAMBER OF THE ASIA PACIFIC AWARD IN THE CACCI LOCAL CHAMBER AWARDS.

ON BEHALF OF THE PCCI BOARD OF DIRECTORS, I WOULD LIKE TO EXTEND MY SINCEREST CONGRATULATIONS TO THE NEW SET OF DIRECTORS, OFFICERS, AND MEMBERS OF THE METRO ANGELES CHAMBER OF COMMERCE AND INDUSTRY, HEADED BY YOUR PRESIDENT MYRA RIVERA, WHO HAS SERVED WITH STRONG COMMITMENT TO PIONEER EXCELLENCE IN CHAMBER MANAGEMENT.

AS YOU MAY ALREADY KNOW, THE SAID AWARDS AIM TO RECOGNIZE LOCAL CHAMBERS IN THE ASIA PACIFIC REGION THAT HAVE UNDERTAKEN OUTSTANDING ACTIVITIES FOR THEIR MEMBERS AND FOR THE BUSINESS SECTOR IN THEIR COMMUNITY AND THE COUNTRY AS A WHOLE.

WE HOPE YOU CONTINUE TO SERVE AS MODEL ON HOW LOCAL CHAMBERS CAN BEST PROMOTE THE INDUSTRIAL, COMMERCIAL AND SOCIAL WELL-BEING OF COMMUNITIES. ALSO, YOUR EFFORTS IN DEVELOPING THE CHAMBER MOVEMENT IN THE COUNTRY WILL PROVIDE A SHINING BEACON TO THE BUSINESS COMMUNITY ESPECIALLY IN THESE TRYING TIMES AS WE FACE THE GLOBAL FINANCIAL MELTDOWN.

IT SEEMED THAT LAST 2007, THE PHILIPPINES BECAME REALLY READY AND POISED FOR AN ECONOMIC TAKE OFF WITH THE ECONOMY GROWING BY AN IMPRESSIVE 7.3% AND THE PESO BECOMING THE REGION’S BEST PERFORMING CURRENCY. HOWEVER, JUST AS THE ECONOMY WAS GATHERING MOMENTUM, A SERIES OF DISASTROUS EVENTS TOOK PLACE ELSEWHERE, FOILING THE MOMENTUM. SUDDENLY, SUBPRIME BECAME A HOUSEHOLD WORD, SENDING SHOCKWAVES TO THE REST OF THE WORLD AND STOKING FEARS OF A GLOBAL RECESSION.

When everybody thought that the worst was over, Wallstreet’s heavyweights SUDDENLY CAME TUMBLING DOWN. LEHMAN BROTHERS COLLAPSED UNDER THE WEIGHT OF RISKY MORTGAGES AND EXOTIC FINANCIAL INSTRUMENTS. ALSO, THE MONOLITHIC INSURANCE FIRM AIG HAD TO BE BAILED OUT BY THE US GOVERNMENT. MERRYILL LYNCH AND THE BANK OF AMERICA HAD TO MERGE, DUE TO NECESSITY BECAUSE OF LARGE EXPOSURES TO EACH OTHER.

HOWEVER, AMID THE GLOBAL PANIC, THE CENTRAL BANK BELIEVES THAT THE PHILIPPINES, ARMED WITH REFORMS IN CAPITAL BUILD UP, RISK MANAGEMENT AND GOOD GOVERNANCE, WOULD WITHSTAND THE FALL OUT. ALSO, SKILLED FILIPINO WORKERS CONTINUE TO BE IN GREAT DEMAND IN DEVELOPED COUNTRIES WHILE AN ECONOMIC SLOWDOWN IN THESE COUNTRIES, LIKE THE US, WOULD FORCE COMPANIES TO OUTSOURCE SOME OF THEIR BUSINESS PROCEDURES TO COUNTRIES WHERE LABOR IS CHEAP. THIS IS WHERE THE PHILIPPINES HAS A BIG ADVANTAGE.

WE NEED TO CONTINUOUSLY BANK ON OUR PEOPLE, ESPECIALLY ON OUR YOUNG WORKFORCE WORKING IN GLOBAL OUTSOURCING OPERATIONS IN BPO COMPANIES AND OUR OVERSEAS FILIPINO WORKERS WHO ARE KEEPING THE PHILIPPINE ECONOMY AFLOAT THROUGH THEIR DOLLAR REMITTANCES.

WE HAVE LEARNED A LOT FROM THE LESSONS FROM ASIA’S FINANCIAL CRISIS THAT HAPPENED A DECADE AGO AND BECAUSE OF THAT, I BELIEVE WE CAN WEATHER ANOTHER ONE. WHILE REFORMS WOULD INDEED CUSHION THE IMPACT, THE PHILIPPINES, LIKE THE REST OF THE REGION, IS NOT ENTIRELY SHIELDED FROM THE FINANCIAL CRISIS.

THIS IS WHY PCCI ORGANIZED A FORUM ON THE ECONOMIC ROADMAP FOR 2009 WHICH WAS ATTENDED BY SECRETARY MARGARITO TEVES, SECRETARY PETER FAVILA AND SENATOR RALPH RECTO AMONG OTHERS. IN THE FORUM, WE CITED THAT OUR RESPONSE TO THE FINANCIAL CRISIS MUST BE SUCH THAT THE SOLUTIONS TODAY DO NOT BECOME THE PROBLEMS OF TOMORROW.

LET US REMEMBER THAT AMIDST THE UNCERTAINTIES WE EXPERIENCE IN THIS WORLD –AS FELLOW HUMAN BEINGS WE WILL ALWAYS FIND A THREAD THAT BINDS OUR COMMON DREAM TO MAKE THIS WORLD A BETTER PLACE TO LIVE IN FOR OUR GENERATIONS.

AS WE GATHER TODAY, WE WITNESS A TURNING POINT IN OUR COUNTRY’S PATH TO DEVELOPMENT. EACH OF US NEEDS WISDOM, FORESIGHT, COMMITMENT, AND PATIENCE TO TACKLE THE FORMIDABLE TASK BEFORE US. WE WILL DEFINITELY BE MAKING BIG DECISIONS AND CHOOSING ROADS TOWARDS REAL DEVELOPMENT.

WE ARE FACING AN EXCITING PERIOD IN OUR HISTORY AND I LOOK FORWARD TO THE CHALLENGES WE WILL BE FACING TOGETHER.

THANK YOU AND MABUHAY TAYONG LAHAT.

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