Fear of US recession makes worldwide stocks plunge to a new low. A lot of them out there are out of jobs due to more jobs being outsourced to other countries, particularly Asian countries where labor is cheap and quality is like so.
I have somehow heard on the evening news that the Philippine Stock Exchange had around 5% drop. So where does this lead us? Is the future grim for us? The biggest Philippine business companies listed had their stocks dropped. Finance secretary says we can withstand the crisis. Can we? Are we ready to tighten the belt and put some reins on our personal spending? This isn’t exactly news to me since we always keep a tight rein on our spending, lol!
As it is, my insurance company sent a notice that the two policies I have will drop its dividend in a reduce scale by 20% effective January 1, 2008. From 9.5% Dividend Accumulation Rate of the Peso down to 8%.
Well, Happy New Year to you too.
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