While the Western economies are in a frenzied state of damage control and resuscitation of their devastated financial systems never experienced in 75 years, massive debt writeoffs of over US$1 trillion were undertaken, and infusion by governments of hundreds of billions of dollars in fresh capital were funneled to ailing commercial banks, investment banks and giant insurance conglomerates. The Philippines seems unmindful of these historic unfolding of events. The Philippines remains insular and parochial.

Thus, while Sen. Panfilo Lacson is in a state of denial vis-à-vis the brutal abduction and murder of public relations guru, Bubby Dacer, and his driver Corbito when Sen. Lacson was then Philippine National Police (PNP) Chief during President Joseph Estrada’s incumbency, and while the government has committed the bulk of its military hardware and manpower to look for and rescue three Red Cross workers in Mindanao, political leaders appear indifferent and disinterested in events outside the Philippines whose economic consequences will have great impact on fragile economies such as the Philippines.

First, whether critics admit it or not, and regardless of her dismal satisfaction ratings from commissioned public survey polls, President Gloria Macapagal Arroyo, a very knowledgeable and well-informed Chief Executive, fully understands international economic trends and their implications.

Alas, Congress and imperial Manila, obsessively critical of her performance and motives, generally do not trust her. She is then forced to do her own thing with the able support of her economic managers, and go directly to the people: (1) To continue delivering pro-poor assistance (2) to explain her economic thrusts and accomplishments; and (3) to pursue anti-recession policies to cushion and mitigate the fallouts from the global economic recession, such as, increased public works spending; more microcredit lending; and boosting consumer spending.

It is thus uncanny why these obvious and visible accomplishments are not being appreciated by the general public and critics.

Second, while public outrage at widespread corruption, Congressional inaction, and wasteful Senate hearings and investigations of scams and venalities are all over the front pages of newspapers and prime-time TV newscasts, life goes on at the malls as if there is no global recession except for those who have been laid off, and counting.

Third, if truth be told, with business volumes declining, labor opportunities shrinking, profits evaporating; and exports, especially electronics, in a free fall, Congress and the Executive must now close ranks, unite, and get their act together by way of closer coordination, by coming up with various “stimulus” incentives for different sectors, public investments, and a “New Deal” program.

Needless to say, nobody is listening as the preoccupation is on the mundane domestic issues and the obsession is on the 2010 general elections.

Be that as it may, 2009 is the critical year for the global financial crisis for all nations – rich and poor, and big and small – whether it be the massive loss of value of stock market shares; or one’s investments in banks, or real estate, or insurance companies; or oils; and/or basic commodities, there are no winners.

It is a global meltdown which, at present, nobody knows when the recession will hit bottom.

But, Filipino politicians don’t seem to care.

You be the judge. (For comments and views, please e-mail: chaff_fromthegrain@yahoo.com.ph)