Happy New Year to everyone.

I wouldn't forget 2008, but use it as a lesson to learn, and not to repeat. Hopefully others will do so too. This year, there will be several things we want to do and have to do. But first, the good news.

According to the U.S. Ambassador to the Philippines, Ms. Kristie Kenney, the economies of the Philippines and the United States would bounce back in 2009 despite the global financial crisis. There are very high hopes placed on the 44th President of the United States, Barack Obama, to turn the economies around.  Frankly, after reading what his action plan is for the coming year, I too have very high assurance that it will work out, not immediately, but for the long term. With this, Philippines will also benefit. According to Kenny, she assured that the Philippines’ relations with the United States will remain strong under the Obama presidency since the incoming US president has a Southeast Asian connection, referring to Obama's stay in Indonesia.

The second good news is the release of information on the Overseas Filipino Worker's (OFW) remittances. In 2008, it has reached $17 billion, the highest level recorded since the government started monitoring remittances in 1989. The latest data from Bangko Sentral ng Pilipinas showed that in October 2008 alone, remittances reached $1.4 billion, which brings the ten-month remittance figure to $13.7 billion, 15.5 percent higher than the inflows for the same period in 2007. The central bank said the trend of high remittances continued in November and December. As we all know, in addition to boosting consumer spending, the remittances increase the Philippines’ foreign exchange reserves, thus further strengthening the country’s capacity to pay for debt and cover import costs, i.e on oil and raw materials for exports. Please note, that the good news here relates to the fact that Philippine economy is not worst than other countries in today's global crisis, due partly to the OFW remittances. I don't refer whatsoever to any particular opinion on the reasons why Filipinos feel the need to go overseas to work. That is a separate issue by itself.

The more somber news is that there will be an expectation of  an increase in unemployment rate here in the Philippines as the effects of the global crisis continue its domino effect. According to budget secretary Benjamin Diokno, Philippine economic growth will slow down in 2009 to 3%, inflation rate at 7% and food prices to go up to 10%.  Overseas work will also slow down and more OFWs will repatriate, especially domestic helpers, skilled workers and medical personnel.  However, construction activities will hopefully continue to provide jobs.

I don't particularly worry that much for the future. The effects will be felt but Filipinos are resilient and creative. They will bounce back. The economy is like the parts of the wave - it has its crests and troughs, reaching its maximum positive and negative amplitudes. We just have to ride along with it, and not sink.

As for us, we will be busy upgrading and repairing Wiskun, so we can go sailing again (for pleasure). I hope to publish more articles on that as we go along. I will be busy with Linmarr Towers. That will also be a learning curve for me. And, my son will be starting a new job. So, all in all, it is going forward for us. Cheers!!