Maybe the skeptics’ expectations we’re really low :P But seriously, I read this article in Businessweek today which certainly brightened up my day. For decades, a lot of good people have been going overseas for work, and their remittances no doubt is one of the biggest contributors to the economy. But there are also a lot of good people who decided to stay and directly help the economy. And because of their help, especially in the outsourcing sector, the economy has grown. Now more than ever, is a good time to stay, even go back, to the country.
Of course, one problem that needs to be addressed is the propensity of the average Filipino, especially those left back home, to consume rather than invest. As my overseas-based friends observed when they visited, it didn’t look apparent that there was a recession in the US, that there’s an ongoing debt crisis in Europe.
The sad fact is that most people don’t have bank accounts, don’t know how to handle money, don’t even know how to budget. We may be in a good position today, but if we don’t invest, we could eventually get into the same situation as Japan with its lost decade, the US with its recession, and Europe with its debt crisis.
And while from the top-level, with the government (if you trust them) can make the right economic and fiscal policies, from the grassroots level, the answer is financial literacy. Maybe it should be made part of the tertiary, secondary, or even primary education. The average home is dismal at it.