10/08/2008

These Too Shall Pass

Filipinos, really, should brace themselves, once more, to resist the hit of the forecasted economic crisis.

It is in the news for weeks: the meltdown of U.S stock market and its effects to the country’s financial institutions, much more, its effects to us – ordinary Filipinos.

Yesterday’s news report said that the country’s inflation rate has lowered by 1%. Yet, still, the prevailing rate is in two digits - which is much, much more higher compared to the same period last year.

The price of my favorite loaf bread is now P79.00. It was only P64.00 three weeks ago.

Prices of commodities are expected to further increase now that the Christmas season is approaching.

I think it is now the time for us to really practice saving. And, we should engage into income generating projects. Instead of losing money, we should be gaining it.

I am keeping a money diary. From there, I can clearly see my cash flow and I can plan my expenses. In the process, I am becoming a smart shopper. For fruits and vegetables it is cheaper to shop at wet markets than at mall supermarkets (even though they offer rewards to loyal shoppers). Most of the times, I have the best bargain deal with the wet market vendors. Furthermore, wet market goods are absolutely tax-free unlike in supermarkets where the 12% Value Added Tax (VAT) is already included in the receipt.

It really takes a lot of discipline when it comes to spending and saving. But it also pays a lot if it becomes our habit.

We should not compromise products quality to its price, however. Now that we had a melamine (which is printed in most plastic ware – meaning it is one of the compositions of plastic products) scare, we should be a label – reader (a friend’s advice).

Thanks to globalization and free-trade. Life-threatening products from foreign countries are now being sold here.

Chemically - contaminated creatures are dwelling in this chemically – contaminated world.

Ooops, my mind traveled again. I’m just stating some thoughts about economic crisis, inflation, price increase, money diary, chemical contamination? Melamine?

Anyway, the PSEi dropped to 116.45% yesterday – the lowest in the past two years. Peso, on the other hand, has weakened compared to dollar.

What else?

I think nothing can beat Filipinos.

For, these, too, shall pass.



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