Extending aids to other industries?

The Issue: The promotion of tourism as though it is the only industry in deep financial straits in these isles.

Our View: While we understand why such promotion, there are other industries here equally in need of assistance too.

We spend millions of taxpayers money promoting the critically ailing tourism industry. We do so with impunity at the expense of other industries here. How about infusing public works projects for the construction industry, stimulus packages for midsize and small businesses, and other industries here too? Do they not need local government assistance to stay above water too? Something’s amiss here!

Major regional restructuring of big corporations and financial systems leave analysts pondering if in fact the crisis has finally been tamed. There’s also the Japanese fear of the consequence of the slowing down of the US economy for it means it won’t be able to sell to US markets. While Japan is optimistic of turning the corner, it will take at least several years before it pulls itself out of the current doldrums. And it will also take several more years before the trickle effects of economic recovery makes it to these isles.

We do not mean to be happy go lucky whistle blowers, but it definitely must dawn on local leadership to look beyond tidings of Asian economic recovery that is as brittle as dry tañgantañgan figs in the dense jungle of our nimble minds. We must not rely on optimism alone, but regroup and begin putting together economic stimulus packages to assist current investors muddle through these difficult juncture in our developmental history. As difficult as it may seem, it is more the reason that we must converge (all sectors) to map-out what can we do in the public sector in order to allow current investors some room to rebound to healthy levels.

Yes, we have seen the tourism industry thrive during the bubble years. But the good times are gone and whether it rebounds to a level “as we know it” would take years before we can actually pin down with hard facts that indeed it has recovered. The Asian crisis has assaulted our once cherished industry, an assault that confirms the fickleness of tourism, its fate so dictated by regional and global events. It means the NMI can’t simply perpetuate complacency and needs to regroup to forge an economic it can use as a guide as we begin the new millennium.

That all industries have been adversely affected by the Asian crisis makes it more the reason that city hall must treat all industries with equal vigor and some sense of fairness. Si Yuus Maase`!