The Reality of Bankruptcy

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Reading an article in a business magazine about the economic tendency in our country a few years back can sometimes be frustrating. It was at the height of the Asian economic crisis that our country suffered many challenges. The price of the basic needs were affected coupled with the rise of fuel cost in the market hits every ordinary Filipino consumers. Unemployment rate is high and two of the biggest industries in Asia declared a reduction of workers causing mass lay-offs and hundreds of Filipino overseas workers rendered jobless. Small to medium scale business establishments even declared bankruptcy and it really affected our economy.Many of us have to settle mounting debts due to that scenario. But I’m glad our nation went through that crisis standing strong with God’s help. Thanks to the thousands of other Filipino overseas workers’ remittances that our economy bounced back. Many families were able to survive with just enough to pay some debts. An Asian or even a worldwide economic crunch might loom ahead, but we can still look forward to financial recovery. What happened with the US economy a few months back is quite scary but again, there is always a sensible solution to every problem and challenges one faces. It can be financial crisis, personal crisis or any other crises that will come our way, we should not forget to firstly trust God and look positively for a better future.

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