Cagayan de Oro dads fear US recession to affect local economy

September 23, 2008

By Lizanilla J. Amarga

The City Council of Cagayan de Oro yesterday voiced its alarm over how the “global recession and inflation” in the world market will affect the local economy and the city constituents.

Also, there were also concerned raised regarding the bankruptcy of the largest US bank called “Lehman Brothers” might affect not just the operations of local banks but also each individual city resident.

“Because as sure as the sun will rise tomorrow, the effects will catch up with us here in our city. But whether we are ready for it is another thing,” City Councilor Ramon Tabor said yesterday during their regular session.

Tabor moved that top officials from the Bangko Sentral ng Pilipinas (BSP) be invited during their next regular session.

He said he would even welcome “technical people” to explain the ramifications of the global recession and inflation, translate them into layman’s term for them and make recommendations on how the City Government and city residents can prepare themselves “among other issues.”

City Councilor Roger Abaday said he would also like to inquire from the BSP officials which banks in the locality have investments and deposits with the Lehman Brothers that recently filed for bankruptcy.

He pointed out how economists opined that the global crisis is even worst than the economic crunch felt in the United States after the September 11 terrorist attack.

City Councilor Bong Lao for his part raised questions on the “relevance” of Tabor’s move of inviting the regional head of the BSP considering, that to him, what is happening is “beyond our control” and that the economic downturn is being experienced by countries worldwide.

Nevertheless, he then suggested that it would also be best to invite representatives from the regional office of the National Economic Development Authority (NEDA).

Tabor countered saying that there is need to get the BSP to explain the effects of the global crisis to the local banking system as destroying the trust in the banking system will have severe effects in the local economy and the ordinary person on the streets.
He added that the representatives from NEDA-10 will be invited when it is seen that their presence shall be needed to shed light on the crisis.

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