Economy

Economy
Originally uploaded by ANTONIO GENOVIA (On / Off)

"Antonio, you sound like you're into something here, what is your thoughts about the current economy in the Philippines?"

Thanks for the email, bro.

During the Argentina revolution in 2001, the Argentinians woke-up with less pesos in their pockets, as banks shut down and ran off with the people savings. Before the financial fall, Argentina is in fact one of the productive country and is known to be the top Latin country.

The Philippines however suffered her blow during the Marcos regime, as the peso depreciated slowly during his office of Presidency, until such time he became the law of the land.

I asked the owner of the house, whom is my fraternity brother, about his opinion in the economic crisis.. What crisis? He said, "We, were in a crisis back in 1973... We are used to it."

The Filipinos transacts mostly in cash, the majority does not have a savings account, all transactions are in cash. I used to sell insurance when I was in college, it is hard to sell insurance to someone that does not believe in an imaginary security as other will say, because Filipinos are used to "break it, you will pay me cash up front, attitude" And I think this is practical. Another example, they want to see it, hold it, before a transaction is made. Filipinos does not have a credit line, so they all have GREAT outstanding credits. It is not also this, the people cannot trust the instituions.

We Filipino Americans are feeling the blow here in America and I really feel it to some of our brothers that got laid off in the workforce, because most and all Fil-Ams are sending money home and strengthening the Pesos, the impact of the economic crisis is really putting a hole in the community...