| US President Barack Obama and Philippine Business |
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Republican candidate John McCain, just a few hours after the end of voting during the election for the 44th US President last November 4, conceded defeat to his rival, Democrat candidate Barack Obama. They say the election of the first African-American to the highest office heralds a new day. They say the USA has clearly charted a new course with what effectively is a castigation of the 2-term Bush administration, with the final months punctuated with one of the worst economic crisis. They say Obama is a leader accepted by the world. Some say that Obama, true to form during his campaign, will only end up giving promises; everybody will simply keep on hoping.
Let's not get into a heated discussion on those opinions. Still, we can't help discussing this matter because President-elect Obama made certain pronouncements during the campaign that are worrisome to business, both in the US and elsewhere. According to headlines, big US businesses face a less friendly White House come January 2009. McClatchy says: "Now unions may gain a stronger hand, and business is bracing for greater financial regulation, worker-friendly policies and an emphasis on social spending." Another report notes that Both Obama and his Vice-President, Joe Biden, has supported a proposed law favoring unions. According to news: "House Resolution 800, which is a companion to Senate Bill 1041, would change federal labor laws. It would allow workers to bypass a process that includes the National Labor Relations Board and unionize without casting a secret ballot -- once a majority of employees sign authorization cards." With both houses of Congress controlled by Democrats, a Democrat President may not have problems pushing that legislation. But we're not really concerned about what happens in the US, right? I guess not. They say when America sneezes, the rest of the world gets a cold. This was shown by the ripple effect of the recent US financial problem caused in part by the subprime mortgage problem. A US recession will definitely affect the world, whether we like it or not. There's more to that, unfortunately. The Obama campaign has expressed its opposition to the outsourcing of US jobs. This may result to a reduction of jobs "exported" outside the US, including the call center businesses here in the Philippines. This, however, remains to be seen in the months to come. What do you think is the impact on the Philippine economy of the economic policies discussed by Obama during the campaign?
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