THE RECENT global financial crisis devastated nations’ economies and resulted in massive unemployment across Asia.
Shedding light on how the continent was affected, a conference entitled “Global Financial Crisis in the Asian Context: Repercussions and Responses” featured the studies of professors and economical analysts from different universities across Asia.
The studies illustrated the factors that contributed to the emergence of the global financial crisis and presented possible strategies on addressing such a crisis.
According to Ateneo Center for Asian Studies (ACAS) Director Lydia Yu-Jose, this was useful to both business oriented and non-business oriented students.
“Financial crises have been part of the history of mankind, and it seems the most recent one would not be the last. If we understand the causes of financial crises, we might be able to at least minimize its impact on ourselves, our family, and our country”, said Jose.
The conference was organized jointly by ACAS and Taiwan Association of Southeast Asian Nations Studies Center. It was held on July 9 at the Leong Hall Auditorium.
It also launched the Asian Studies Association of the Philippines, an organization with the mission of helping Filipino scholars be granted travel subsidies when presenting papers in conferences held in countries part of the Association of South East Asian Nations, as well as China, Japan, and South Korea, and inviting Asian scholars to the Philippines.
“Repercussions and Responses”
According to the presenters, the recession resulted in high unemployment rate and debt. Wages were also reduced and contractual hiring was now preferred by companies, making job security a serious concern.
These are serious problems that affect the country’s economy directly, but there are steps that can be taken to avoid the worsening of these problems and create better opportunities for Filipinos.
Masaaki Satake, Ph.D, a Professor at the Department of International Culture and Faculty of Foreign Studies at Nagoya Gakuin University in Japan, said that the Philippines depended on overseas workers too much, and suggested that alternative options must be considered and explored.
One alternative is to venture into small and medium enterprises.
“Small scale and medium scale industries should be promoted to realize more equal income distribution”, said Satake in his presentation.
In Ateneo, as early as the college level, students are already trained in entrepreneurship, examples include the John Gokongwei School of Management Student Enterprise Center (JSEC), as well as School of Management Business Accelerator.
Senior and JSEC stall owner Ray Eugene Bienvenida is in favor of this suggestion. “If you have a business, it’s not only yourself who gets a source of income, but you help others get job opportunities as well”.
Looking ahead
According to Jose, recession is likely to happen again and this is why she said it’s important for the students to be aware of the economic situations of the country and of the world.
“Everyone who uses money should be aware of the factors that bring about financial crisis. We need money for education. [And] education is one of the most important, if not the most important, stage in an individual’s preparation for the future”, said Jose.
Sophomore Patrizia Paola Marcelo agreed and expressed the importance of the conference. “[By attending this conference], we get to know the global situation and we get to know how the world works. By the time we start working, we already have a grasp of what to expect”, Marcelo said.
Jose pointed out however, that students don’t need to wait until they are working in order to address the issues associated with the global financial crisis.
“Our students should understand how hard their parents work to give them an Ateneo education. They should help by spending their money for things that really matter”, said Jose.
