Revisiting NMI's financial reality
Often, we would take stock of recovery efforts in the Land of the Rising Sun. There are days when optimistic reports are released from Japan’s Economic Planning Agency (EPA). Such report is subsequently disputed by economists attached to large and reputable investment firms out of Tokyo. Recently, the much touted recovery program seem to be struggling in the sea of uncertainty.
As Japan wrestles with the politics of recovery measures, we watch with mind-numbing uncertainty what the future holds for these isles as we close out the 20th century. If there’s anything that is quite obvious right smack in the middle of this crisis, it is our penchant to let mañana take its natural course hoping that by some quirk of fate, we would instantly rebound to the bubble days of the late eighties.
Sure, we watch quizzically as ignorant eyes gleam brighter than the bright sun of paradise. There’s a sense of guarded excitement as tidings of a slight increase in the number of visitor arrivals are trumpeted in bold headlines. We pat ourselves in the back only to find out that such upward spiral is only temporary. Thus, we return to square one puzzled, confused and hopelessly wishful that something good would break sooner than later.
As we juggle our manaña of “sooner” and “later”, we hear the shattering thunder from the chambers of the legislature that there won’t be much funds to distribute among departments and agencies for the impending fiscal year. What’s more troubling is the attitude of bureaucrats and politicians who treat this matter as inconsequential. If such vital agency as PSS could only get $2 million in additional funds for next fiscal year (which begins this October), then our hopes of “sooner” would have to be relegated to “later”. More belt tightening is warranted for such is reality today!
The deepening crisis hasn’t hit rock bottom as yet and how sad that government departments and agencies continue pressing for more money as the revenue level that we once knew consistently contracts far beyond what our nimble minds could grasp or are willing to accept. Indeed, as revenue slides quickly than what we could save, the need for more money for public services increases by leaps and bounds. Friends, this is one time when real management skills are needed in the conduct of our financial affairs. And, this is one time when we must realistically deal with providing for more with less!
If anything, the days of the bubble years is soundly in the ash heap of history. Many of us would never live to see it rebound once more and not for the first quarter of the next century. If our fast ailing economy is being scaffolded by the much maligned apparel industry here, let us pray that conducive investment environment will emerge once more so we can gradually move into what bureaucrats and politicians call “economic diversification”.
The Free Trade Zone may be a noble idea, but far from being a realistic plan given that Japan and other Asian countries have also started their own FTZ that would turn the entire region into an economic block. We know that we’re not the final arbiter of what the future holds. But for once in our life time, we must buckle down to formulating realistic economic plans. Si Yuus Maase`!
