Solidarity and sharing against economic crisis, says Manila cardinal
Manila (AsiaNews) – Card Gaudencio Rosales, archbishop of Manila, has called on the faithful and the population at large to show a “spirit of generosity and sharing” against the global economic crisis.
During the annual Christmas reception held on Monday, which involved the participation of more than 200 people including bishops, priests, men and women religious, deacons and seminarians, the cardinal of the Filipino capital urged the present to pray because “the economic recession in the West could have a serious impact on our country in 2009.”
The Philippines are in fact facing a dire economic situation. Cardinal Rosales explained that the Church must play its part. “We must,” he said, “teach people to share needs and resources in a spirit of brotherly charity and service.”
The world crisis is having an effect on the Philippines. Economists expect the national currency, the peso, to further drop in 2009 after sliding 19 per cent against the US dollar this year.
The exchange rate currently stands at 47.52 pesos against the US dollar, but it is expected to reach 50 in the first half of next year, going as high 51, to settle eventually around 48.
Even though the impact of a fluctuating dollar will be limited, analysts expect exports to drop.
The country’s central bank, the Bangko Sentral ng Pilipinas (BSP), has just cut the key overnight borrowing rate, announcing further shifts in monetary policy next year in order to maintain domestic growth. To achieve this, the governor of the central bank, Amando Tetangco Jr., said the country can rely on reserves set up “for rainy days.”
The balance of payments shows in fact a surplus of US$ 500 million, an increase over last year with an overall result of US$ 8.5 billion, with migrants playing an important role.
Remittances by Filipinos living abroad are another important factor in the real economy of the country.
In light of the world crisis and its effects on the country’s population the Catholic Bishops’ Conference of the Philippines (CBCP) has expressed concern over a rise in emigration next year.
Mgr Precioso Cantillas, chairman of the CBCP Commission for Migrants, urged the government and public opinion not to forget the contribution many Filipinos make to the countries where they live.
He also said that immigrants are a segment of society that deserve even more help from public institutions because of their specific needs and the obligations they have towards their families back home.
As for the Church, Monsignor Cantillas said that “like a mother helping out her children, our mission goes beyond pastoral care.”
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