Global Economic Crisis:
Implications and Challenges to the Philippines
By Elijah R. De los Reyes
Ateneo de Davao University
March 4, 2009
This is a forum where we can wonder, what is really happening in our country? Mr. W.D. Hilton our keynote speaker discussed the possible effects of the Global Economic Crisis in the Philippines. In this paper, I will write some of the highlights when we talked about Global Economic Crisis. The primary target of the said crisis is the people. There are so many people suffering in crisis and covered by clouds of hopelessness. Is there any hope, waiting for us to a brighter prospect of life?
There are so many problems that we are experiencing right now. For our country Philippines, the Global Economic Crisis really put our country at stake. There is a big probability that there are many fellow Filipinos will be put to the test; on how high are their faith and how strong they are in facing the Economic crisis as of now. As a citizen concern, there are so many questions that are bothering to me at this time such as, what is Global crisis exactly means? When will economic crisis end? How to cope with the global financial crisis? And, what would be the possible effects of Economic crisis in the Philippines?
What is really a Global Economic Crisis means? Based on my own understanding, Global Economic Crisis is the situation where more than one country is affected by scarcity of resources to be needed enable to provide for all citizens globally. When you say crisis, as what the dictionary defined it as, a condition of instability or danger in social, economic, political or international affairs leading to decisive change. This definition implies that our country is obviously affected by the so called Global Economic Crisis. As what the symposium explained and emphasized during the discussion, it is visible to the eye that we are one of the most affected by the crisis because as a third world country, this is not...
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