To Those Who Who are concerned about South-East Asian Woes:---
AMAT was punished unfairly by Investors because of concerns about the Inflation in the Region composed by countries like Thailand, Indonesia, Malaysia and the Philippines who are in an area projected to be the fastest growing consumer of our Goods. Let's talk about the Philippines where I came from:---
An article in the San Jose Mercury News appeared today titled:---"Philippines Unscathed By Asian Woes"; I have told this thread many times that Inflation is a Blessing in Disguise for the region and the rest of the world...The article mentioned about Filipinos Not cutting back on spending (especially on matters that create jobs, of course) and even contemplating of getting out of the clutches of the IMF. Why? Because the country is awash with dollars for several years now. The author mentioned about the country Not Over-building and Electronics as the primary export (51%). What he failed to mention is that the Un-Official primary export is its own productive people working abroad---All-Over the world---sending and/or bringing Dollars to the country Officially (and Un-officially)! One just have to visit the San Francisco International Airport say one Thursday night to see for himself the longest line of people before any check out counter, each with 2 70-pound Boxes full of Goods for the Philippines (aside from Dollars inside their pockets, of course)... The people, rich and poor alike spend fortunes in Weddings, Baptisms, Birthdays...Mercedezes...and Guests (have you heared about the country building Mansions just to pamper their Head of State Guests---like in last year's Asia/Pacific Rim Meeting? Of course, the Mansion would be sold for a profit later to the highest bidder who can say to his friend that he lives in the house where Bill Clinton once slept and brushed his teeth for several days)...In short, Filipinos will always spend (even if one skips a meal once in a while)---a boy in college for example (no occupation but just stay in college) would just write his father working in Saudi Arabia:---"Amang (father), my friend's father in California bought him a 24-inch Sony TV...could I have one also? Before Inflation, it cost 8,100 Pesos ($300), now it's 9,120 Pesos (8,100 + 20% inflation)..." The Father in Saudi Arabia would most likely give him $400 instead of $300 (which exactly will be enough for the TV purchase)...because his son is "suffering" from Inflation. As a result, the college boy has more money to spend in times of "economic woes"...(Unfortunately for us---U.S. companies---we abandoned the Philippines by pulling out our businesses out of the country because we were scared by the Political Antics of its leaders---to the delight of the former "enemy" Japan whose Goods are being bought everywhere in the country)...
For us here, the Philippines is a backward, poor (people are rummaging in garbage dumps)...but to the Japanese, Korean, Taiwanese, European---it's a Paradise for their Goods...
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