The initial reaction of Pinoy Entrepreneurs, or any businessman or anyone for that matter, upon hearing the term "recession" is naturally a negative one. If there's any agreement when it comes to defining recission, it's that there's no universally-accepted definition. Some defines a recession a a decline in a country's real gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year. Economists say that the US could go into a recession, pulling down the global economy, the Philippines included. Philippine officials, however, are quick to add that the Philippine economy could weather any external recession.

You (or, for fathers, your wife) just gave birth to a wonderful bouncing baby boy (ok, ok, a bouncing baby girl). You’re ecstatic. You can’t explain the rush of emotions upon seeing your first-born. I don’t want to be a killjoy, but let’s put an end to all the celebrations and start thinking about the future, which is but normal for Pinoy Entrepreneurs. There are so many things to consider, almost all of which involves the peso sign. Let’s start with your child’s college education.

 

We asked our readers in a previous poll if they felt any economic improvement in their respective lives. The poll question relates to the commercial wherein businessmen and ordinary workers are saying "Ramdam ko ang Pag-Asenso" (roughly translated as "I can feel the progress", but please feel free to suggest a better translation). Out of the limited number who answered (as of 2 November 2007, when the poll closed), 55.6% answered "Yes" while 44.4% said "No".

Pinoy Entrepreneurs, in dealing with considerable money transactions with banks and other financial institutions, are sure to have heard of money laundering and the "AMLA". Money laundering is generally defined by the International Criminal Police Organization (Interpol) as “any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources.” Even before the passage of the Anti-Money Laundering Law ("AMLA"), the problem was addressed by the Philippine government through the issuance of various circulars by the Bangko Sentral ng Pilipinas (BSP). Yet ultimately, legislative proscription was necessary, especially with the inclusion of the Philippines in the Financial Action Task Force’s list of non-cooperative countries and territories in the fight against money laundering.

The rich gets richer, while the poor gets poorer. We've heard this line, usually uttered in a political context, so many times before. The initial observation about the widening chasm between the haves and the have-nots usually end up with a criticism against the rich. And rightly so, to a large extent. Economic power begets political power, and political power is used to protect and amass more economic power. It's a cycle perpetuated by those who wish to maintain power and, in the process, inevitably oppress the poor.

This powerful concept immediately grabbed my attention, maybe because it aptly characterized something that has been floating shapelessly at the back of my mind. Also, according to reports, recent studies conducted by researchers at the University of British Columbia and Harvard Business School show that "people were significantly happier at the end of the day if they'd been instructed to spend the money on others rather than on themselves" (refer to "Those who give money to others rate themselves as happier, study suggests" at The Daily Gleaner. See also "The path to happiness: it is better to give than receive" at guardian.co.uk).