Bizman: Japan crisis has little effect on economy
April 8, 2011
CITY OF SAN FERNANDO — The ongoing economic crisis in Japan caused by two major disasters have little effect on the Philippine economy, especially to Kapampangan trades, a businessman said.
Jose Teodoro Limcaoco, president of the Bank of the Philippine Islands (BPI)-Family Savings Bank, said the Japanese crisis may have a spillover to the demands of the country for raw materials, or partially finished electronic goods.
“The issue is the disruption of the manufacturing and the factories in Japan to have a spill over to the Philippines in terms of the raw material or partially finished goods that we import from Japan that are eventually re-exported,” Limcaoco said.
However, Limcaoco said companies there are recovering fast so the disruption of shipment of semi-conductor goods from Japan will not have a major negative effect to the country.
Economic disruptions in Japan were caused by a magnitude-9.0 earthquake followed by a 10-meter high tsunami that hit the country almost a month ago.
Limcaoco was the guest speaker during the Pampanga Chamber of Commerce and Industry (PamCham)’s Kapihan at the Alma Storage Company in Barangay Dolores.
The banking magnate is a friend of Pamcham Chairman Emeritus and Laus Group of Companies Chief Executive Officer Levy Laus.
Semi-conductor raw materials from Japan are imported by manufacturing companies and are mostly used in assembling electronic products that are later exported to other countries.
Limcaoco said Japanese raw materials are specialized, so there are no substitutes for these materials.
He said not even products from electronic companies at the Clark Development Corporation can replace the needed raw materials from Japan.
Some companies in Southern Luzon have somehow felt the effect of lesser raw materials from Japan, Limcaoco said.
Jim Jimenez, president of PamCham, said there are no semi-conductor manufacturing companies yet in Pampanga.
Like Limcaoco, Jimenez said the Japanese crisis could have little effect on the province’s economy.
“Definitely there’s an effect that’s why we’re cautious and are monitoring the movement of all these (changes on the import and export rates),” Jimenez said.
Source: http://www.sunstar.com.ph/pampanga/local-news/2011/04/07/bizman-japan-crisis-has-little-effect-economy-149128
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