Everything is all about attitude

(Sec. Ed Pamintuan.Photo from freeport-online)

Long before newly-elected US President Barack Obama said “yes we can,” Secretary Edgardo Pamintuan, chairman of the Subic-Clark Alliance Development Council (SCADC), was already known for his battlecry “Agyu Tamu.”

When Pampanga and Angeles City were gravely hit by the Pinatubo eruption and lahar in the early ‘90s, Pamintuan led the Angelenos in a fierce crusade to save the City of Angeles from moral devastation. The former Angeles City mayor and his team accomplished the improbable by reviving the devastated business district, coming up with a genius event, the “Tigtigan Terakan King Dalan.” The TTKD became a phenomenon and attracted thousands of tourists annually in time with the Fiestang Apu. This event has signaled the message outside Pampanga that Angeles City was still alive during those gloomy years.

In his speech at the executive economic briefing at the Mimosa Hilltop last February 19, Pamintuan gave a spirited talk about the global crisis, US recession and how our country should react on this.

“The key to overcoming problems therefore is attitude. In business, as well as in life, it makes a difference on how we look at the world…The reality on the ongoing recession cannot be doubted or dismissed. Its impact on the Philippines has been quite tangible in the forms of lay-offs, downsizing, cancelled orders, lower consumer spending and return of investments…This does not mean that we should just sit back and relax. The global crisis is an opportunity for us to seize the day and turn lemons into lemonade,” Pamintuan said.

I laud the Secretary’s fighting spirit and it is indeed contagious. If we will consider the opinion of Dr. Emilio T. Antonio Jr., president of the Center for Research and Communication Foundation, Inc., who was one of the speakers during the briefing, our own perceptions and fears would most likely shape our reality.

According to Antonio, it is wiser to check the facts of our country’s financial status rather than just listen and watch news. He claimed that asset markets remain jumpy due to bad sentiments. So he cautioned everyone to avoid conventional wisdom that when United States catches flu, the Philippines would most likely get pneumonia.

Although Antonio did not dispute the fact that we may be affected by the crisis, he said that overall, we are in a better position to fight the crisis because we are financially healthier than before. If we will check our income vs. our spending, we will find out that we have enough reserves that will last for six months and surplus while our credit ratings are improving.

Antonio said the whole country is in surplus. The per capita income increased from $1000 to $2000. Meanwhile, the Overseas Filipino Workers (OFWs) continuously pump our economy and their remittances steadily increase by $1.4 billion per year.

Also, he added that the US crisis will unlikely shake opportunities for Filipino workers abroad since many are teachers and nurses while the business processing outsourcing (BPO) industry is just starting to grow. “Only about four (4) percent of the potential market has been tapped,” Antonio said.

It is a relief to hear good news from the government and the economic consultants. It is likewise refreshing to hear Secretary Pamintuan speak of the possibility that we will rise from the challenges we are faced with.