Industries that will be least affected by the Financial Crisis ~ Pinoy Reviews

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Monday, October 13, 2008

Industries that will be least affected by the Financial Crisis

Okay, again here's my take on this whole financial crisis issue. We all know that the Banking and Financial industry is SEVERELY affected with banks and financial institutions closing down. The simple fact of the matter is that no one's really safe from this financial crisis. EVERYONE will be affected but in my opinion, there will be some industries which will likely be less hit than the others.

  1. Health Industry - First of all, no matter how many banks and businesses close down, hospitals will always be there. Nurses and doctors can be rest assured that they will have less chance of being unemployed than ordinary workers.
  2. Government - Those working in the government should be thankful for the security of tenure clause embodied in the Constitution. Even if every businesses close down, there's no chance that any of the government instrumentalities will be shut down. This is because the government has the luxury of being presumed "liquid" even though we're probably buried in debt. Government workers thinking of resigning should hold on to their positions a little while longer and wait until this crisis subsides before looking for greener pastures as the private sector is on shaky ground nowadays.
  3. Entertainment Industry - and this applies to EVERY country. Like the Health industry, the entertainment industry has always been independent from all other industries. Actors, directors, TV stations will probably get more revenues from advertisements as more and more people will be looking for news to keep up to date with this crisis.
  4. Food Industry - With the exception of those exporting to the United States. The local food industry will be less likely hit. Those who are getting raw materials within the country and are catering to the local matter will probably not feel the effect at all. That's because local food industry don't rely on foreign investments and if they get their raw materials locally, they won't have to shell out dollars since they don't need to import anything.
  5. LOCAL Banking industry - with emphasis on the local and more specifically, the top five banks in the country. I've personally studied the General Banking Laws in the country and though most of the time I don't believe what YOUR president has been saying, you can believe her when she says that our banks have little exposure to the Global crisis. It's because our banks are well regulated by the Central Bank unlike other countries whose banks are deregulated, and probably is the root cause of all these troubles. If they follow the rules by letter, everything should be fine. Of course, in our country, there are always those who try to sidestep the rules so I just hope to God that the top banks in our country have followed all the regulations in order to spare us from this crisis.