Why the Philippines May be Recession-proof
Socio-cultural Factors Help the Economy Stay Afloat
Feb 28, 2009
There have been many published articles already about the current hypothesis that the Philippines is not experiencing or will not experience the recession that is now happening elsewhere. Leo Reyes, in his November 18, 2008 Ground Report article "No Recession in the Philippines" cited Philippine overseas workers’ strong remittance records as among the primary reasons. Meanwhile, the country's BPO industry remains strong as explained in a report by Kris Alingod of All Headline News.
It would then be interesting to to look at the possible reasons for this seeming resilience, using a socio-cultural point of view.
For one, the Filipinos are considered as fairly resilient and flexible people. A look at the country’s history of colonization, natural disasters, and even dramatic changes of governments can offer understanding as to why its 96 million people seem able to deflect any form of disaster.
With this resilience comes the creativity to make ends meet. With the complaints of over-priced of commodities come serious efforts to engage in double-jobs, sideline buy-and-sell stints, pawnshop-hunting and lately, swapping (bartering) deals.
Work and Play are Serious Businesses
The saying, “work hard, play harder” is practiced in the Philippines seriously. The Filipinos are hard-working. Sure, they love fiestas, Friday-night partying and even celebrate birthdays of saints, but amid these celebrations are days of hard work under the heat of a tropical sun. Filipinos value their work so much that after the customary greetings between long-lost friends, the next question that will automatically come up is, “So, where are you working now?”
With this hardworking streak in their veins comes a passion for adventures. The Filipino has an adventurous soul that always craves for new experiences. He finds fulfillment in overseas postings however far these jobs may bring him. While it is a well-accepted reality that Filipinos go abroad to earn higher wages, one cannot dismiss the fact that only courageous and adventurous souls can find equal comforts in places not really their home. Recent remittance records of overseas Filipino workers provide clear picture of how this adventurism is benefiting the economy.
The Filipino people’s love for enjoyment and partying may also contribute to a resilient economy. In fact, the current Philippine Government has been moving public holidays to Mondays or Fridays to give the country longer weekends. The people are not complaining. These weekends translate to vibrant domestic tourism and longer shopping sprees.
Bayanihan and Faith Define Them
The Filipinos are fairly helpful people; even the age of iPODs and dot-coms has not erased their strong affinity for one another. The virtue of bayanihan lives on. Bayanihan is based on an age-old practice to help a neighbor move his house by literally carrying it over one’s (and several others') shoulders. This is now often used to describe a feeling of brotherhood or solidarity among a close circle or group. For example, the spirit of bayanihan can be seen when one supports his neighbor who is fixing his house after a storm. In offices, this is seen nowadays when workers and staff share their lunch packs among themselves.
The Filipinos believe in luck and God. This strong faith in a supreme being or the magic of luck gives the Filipino people eternal source of hope. The Pinoys are always hopeful and optimistic. The article "Filipinos Among the Happiest Asians-study" by Darwin Amoielar in the November 29, 2007 issue of Manila Times cited the AXA Asia Life study which showed that Filipinos ranked next to the Indians as having high level of happiness and satisfaction. No wonder Filipinos always make it through the worst crises in life.
Indeed, the socio-cultural point of view offers sound explanations that even hard-nosed economists can easily live with.
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