Wednesday, April 27, 2011

Crisis 1

(to all who have read my blog especially from the USA and Europe, many thanks from the bottom of my heart and soul. I really want to publish this as a book but do not have the means. I am now more inspired to write more, please feel free to comment and subscribe, please tell your friends about my bloggel, this is as raw as it gets.)

The East Asian Financial Crisis came, and the Philippines is in trouble. It was 1998. My dad, well for now I do not know where he is, he told me to handle things for him.
My mom is there also, she is still sweet but sometimes crazy. Sometimes she is working in part for my dad.
I went to Malacanang with my team of specialists, and I met  Ramos and Cory, together with government officials and staff. I know some of the officials
from the news papers and television. But I am concerned only with Cory and Ramos. Ramos is the new president, so he will be given a briefing by Cory.
Cory is more like a mother not a president. She is kind hearted and strict also. I called her 'tita' outside of Malacanang. She asked my mom if she is ok
and told me that she wants to go back with her to Hong Kong to shop. I told her that she may come with my mom only if she will allow me to have a date with
her daughter Kris. She laughed warmly.
On to business, they were discussing already the plans on how to alleviate the crisis. They have planned already to borrow from IMF, which they called it SAP
(structural adjustment package) or also called 'bail out package'. I was reading the reports and all, and they were discussing what to do with the money,
to whom should they give it first, etc. etc. Then I told them this simple question:
"How can we pay them back?"
Everybody was silent. Then someone from this big financial government firm answered that "as long as we have this crisis, we need to borrow money from IMF continuously".
I was shocked and surprised with the answer, I was going to curse that guy, (If I remember he is from the Phil. Central Bank) but one of my senior advisers stopped me.
He told: "Do not waste your time on something that is already decided."
All the mumbo jumbo meeting was finished. In the end, I came to know they are raising interest rates to cushion the country from the financial crisis. And they borrowed
money from IMF. I did not see how much, it is pointless as it is a constant borrowing and payment. We cannot get away from it. Is it in our culture? or somebody's
incompetence? ignorance? I tell you one thing, a lot of Filipinos will suffer, and only a handful of citizens, mostly rich ones, will get the benefits.

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