Am I worried? Should I?

I have been closely monitoring the recession in the US since last year. While there is no declaration yet from the Bush Administration that the US is indeed in a recession (dunno really what he is waiting or trying to project), on the contrary, Japan’s government is quick to admit that Japan (being the second to US in terms of economic size and stability) ‘slipped into recession.’ This means that 52,000 Japanese will wake-up in the coming days jobless!

I am worried, because in the same token as Bush, the Philippine government is also in its ‘denial stage.’ The telltale signs of recession are screaming and they can still afford to look the other way.

Funny that in the evening news, it was reported that while the peso dipped into a low of 49.99 per dollar, the government said that this was advantageous for the OFW (Overseas Filipino Workers) and the export industries. Hello?!! Are they out of their mind!? How can a weak peso be advantageous and beneficial to these sectors? It could have dove to more than Php 50 to dollar had the BSP (Central Bank of the Philippines) intervened. The average family’s purchasing power has already reached rock bottom, the price of raw materials continue to soar (most of these, btw, are imported) –how can that weakened peso be beneficial? Again, hello?!!

I am really worried.

Two of the world’s biggest economy are already in recession, and so are some of the countries in Europe and Asia, the Philippines will inevitably follow, or is already in a recession if we only admit it.

Why insist on admission? Because, that’s the beginning of the road to recovery. We can brace the worst of times if we know how to assess the present, accept our failings, and make the necessary corrections or adjustments.

So, should I be worried? I should! But I am channeling this feeling right now in a positive way. I am making plans and preparations.