Still Waters
mavila@theguidon.com
It has been months since the news of the financial crisis hit the nation. Banks have begun to implement backup plans, airlines have been coming up with promos of their services, and several companies have already laid off some of their workers.
Surprisingly, however, most Filipinos don’t seem to feel the financial crunch. A recent News Central report pointed out that Filipinos still frequent malls to shop. The report even showed survey results saying that the Philippines is the second country whose citizens shop for clothes often – second only to China.
Even more interesting, is that luxury outlet Rustan’s experienced an increase in sales in September to October; their sales spiked 11% higher than last year’s.
It’s odd that even though we live in a third world country and there’s a financial crisis, Filipinos are still as shopping-happy as ever. Notice that whenever payday rolls around malls are always full–not to mention that the lines at the ATM centers are as long the ones at a blockbuster film.
Did no one get the memo that money’s tight these days?
Perhaps information wasn’t disseminated well. Maybe few were aware of the situation, despite the numerous frontpage stories, special documentaries, and political fora about the issue. Or maybe people just don’t mind, because the crisis hits closer to the US than to the Philippines.
But at the risk of sounding like a cliché, wouldn’t it be better to be safe than sorry? An article in The Philippine Star last October said that employment rates are projected to decrease come next year. Even if the financial damage does not seem as grave as that experienced by other countries, the crisis’s effects still reach us.
And yet, most of us still shop like there’s no tomorrow.
What is it about our culture that we still carry on like nothing’s wrong despite the obvious signs telling us that we should be more careful?
Personally, I think this is because we Filipinos prefer to have a good time instead of being paranoid about finances. We’ve always been known to be such a happy nation, and this is because we still manage to crack a smile and make jokes about our situation. We find light out of our burdens and choose to make fun of it instead of wallowing in it.
Thus, Filipinos continue to hit the malls even though there’s a chance of running out of money. Spending can make one happy–whether it be the satisfaction of owning something new, or the pleasure of being able to spend time with friends at a restaurant or at the cinemas.
Avoidance tactic? Maybe. But perhaps spending money is a way of releasing the stress felt everyday at work. It may not be the wisest way of doing so, but it does help alleviate the burden.
This is not to say, however, that not saving for a rainy day is a good thing. Preparing for a possible financial downfall can be very beneficial in the near future. But at the same time, thinking too much about the negative possibilities can be harmful as well.
What Filipinos need to learn is balance. Spending is well and good, as long as there is enough money to spare. By doing so, one can still shop for shoes without risking the possibility of being unprepared once the other shoe drops.
