MANILA, Philippines -- If you want to save yourself from the dreaded global financial crisis following a meltdown in the United States, you have to love your job and live frugally, an expert said Thursday.
The simple appreciation for your job and buying only the necessities will help one weather a probable crisis -- and to panic and withdraw your money from the bank would not help at all, said Benjamin Diokno, a known economist and budget secretary under former president Joseph Estrada.
"We cannot ignore it. We just have to be careful in spending money at dapat pagbutihin ang trabaho [we should do our job well]," because the crisis could lead to retrenchments, Diokno told INQUIRER.net in a phone interview.
Diokno said it would also help if the government would immediately implement the salary adjustments for its workers so that they could cope with the rising inflation rate, which hit 12.2 percent last August -- the highest in 17 years.
This means Filipino consumers spent 18.6 percent more in July for the same item that they bought last year.
Meanwhile, Diokno warned that the country could never be immune to the continuing US market plunge, even if President Gloria Macapagal-Arroyo had given assurances that her economic measures would see the country through.
"Medyo may pagka-unrealistic yung kaniyang speech [Her speech was a bit unrealistic]. In a way that's to be expected because she wants to cheer up consumers," said Diokno, adding that if consumers stop buying, the government will lose revenues.
Diokno forecasts that the US crisis, which he said was going for 14 months, could last until next year and the Philippines would slow down along with it.
"The Philippine economy will continue to slow down this year. Malaki ang impact ng slowdown in US economy sa atin [The impact of the slowdown in US economy is huge for us] because of our exports," he said.
Diokno added that last Christmas could even be better than this year.
"But of course, with or without money, Filipinos will still opt to have Christmas," he said.
