'Hunker down' as global crisis continues PNOY

The President told Filipino exporters to “hunker down” as the economic slowdown continues worldwide.

In his speech during the 20th anniversary celebration of the Philippine Exporters Confederation Inc. on Tuesday, President Benigno Aquino III said that exporters are facing challenges at the moment big export markets like Europe and the US are in crisis.

“We wish it were otherwise, but the fact is, we cannot predict how long this slowdown will last. This is a time when the most prudent thing to do for those in the export industry is to hunker down, to continue to look for markets and to improve efficiencies,” he said.

He advised exporters to look to potential markets such as Western Europe, and to keep looking into new export opportunities.

“We must remain proactive in looking for these countries and opportunities, because I tell you: this slowdown will end, and when the dust settles, the global environment we find ourselves in may be very different from the one that we grew up with. The hot export good may no longer be athletic sneakers, but coconut water. The furniture you manufacture, originally meant to appeal to a newlywed couple in California, may have to cater to the tastes of a couple in New Delhi,” he said.

“The point is, when the global economy begins to recover, we must be ready to adapt and adjust to whatever the new environment is.”

Aquino also assured exporters of government support.

“All I ask is that you continue what you have been doing these past several years, and that you stand by us as we pursue our agenda of reform. In return, we will stand by you now, when things are tough, and in the future, when things will undoubtedly be better. It is really in these times of adversity where we are given opportunities to truly prepare for the coming opportunities. It is within our grasp; it is but a matter of faith on all our parts,” he said. —
Source:
 BM, GMA News