Friday, February 13, 2009

No Recession in the Philippines

Or is has not come yet. It is February 2009 now. So it must be here.

But in the City where I live, I am not sure.

A Gaisano Mall opened last December and remained packed with shoppers as of today. A call center just opened last December, and they are hiring. Another mall - the biggest in the City with 3 movie theaters on it (Robinsons Mall) is set to open in a big way in March and is hiring. Construction in many parts of the province is on-going.

Two of my jobless neighbors just got jobs two weeks ago. My drivers are happy that they earn more today than last year because gasoline is in the 30's per liter compared to 60's sometime last year.

And with the rains coming well this January and February - may katiwala, believes we will have a bountiful harvests of Palay come April.

No banks has defaulted. Credit is flowing well. A neighbor just got a loan for 300K from DBP this week.

Yes, I watched the news saying there is a recession. But businesses here are small and mostly caters domestic demand. So there is no firing that I have heard of, thus far.

Or maybe the recession will come next month or next next month.

Or not at all.