Before the year 2008 ends, we interviewed two respected AIM faculty members. Washington Sycip Graduate School of Business' Associate Dean Ricky Lim and Professor Federico Macaranas, 2008 Outstanding Filipino (TOFIL) Awardee for Community and Humanitarian Service generously shared their insights and inspirations for the new year ahead.
What would you consider AIM milestones in 2008?
Professor Lim: For this year, I consider the MBA-16 program as the major milestone of the Institute. With the shortened period, the faculty streamlined the program into what is essential. On the student's side, they were able to finish their MBA much earlier, giving them shorter time to recover their educational investment.
What do you think is the role of AIM in helping people cope with the economic crisis?
Professor Lim: The Master in Business Administration (MBA), Master in Management (MM) and Master in Development Management (MDM) prepare students for complex and volatile environment, with limited resources to work with. They get to develop "Adversity Quotient", making them resilient and able to cope with unclear problems and solutions. They learn to address the problems on hand and not easily panic as they come.
Professor Macaranas: The role of AIM is making people understand the roots of the crisis and the solutions at the global and national level so individuals can manage things within their control.
What do you think is the extent of the financial crisis in Asia, particularly in the Philippines?
Professor Lim: Quoting from an AIM alumnus, as a result of the Asian Crisis last 1997, many of our financial institutions and banks did not play so much on foreign derivatives. Therefore, this means that the Philippines will not be severely affected by the financial crisis, unlike the developed countries who are experiencing a recession.
Professor Macaranas: Asia is the saving grace of the crisis. China and India are growing at least 5% rate, even at the time when developed countries, particularly the U.S., Europe and Japan, are in a recession.
The Philippines is not as exposed to financial links like Hong Kong and Singapore. However, some of our local banks are linked to the different assets underlying many financial papers issued in the West.
What are your suggestions on how we can best cope with the crisis?
Professor Lim: People should be on thrift mode and cut down on consumer spending. This will help everyone face the 4-5 year bleak economic forecast. Little things like turning the aircon off and postponing unnecessary buying can help.
Professor Macaranas:
1) Both public and private sectors should have a clear appreciation of each other's roles. Confidence in financial system must be bolstered by the appropriate government bodies and the private sector must be transparent about their exposures. We have to have good knowledge of these exposures. It's already too late if it's already in the newspapers. Government has to make sure that monetary authorities are on guard.
2) On the short term, government must continue with the non-protectionist trade and investment policies, but must make sure it keeps to a long-term strengthening of productivity of agriculture industry and services.
3) Individual firms must watch how new markets may flourish amidst the recession and look at growth opportunities in the sunrise industry such as BPO's, environmental technologies, biofuels, short haul tourism, food and agriculture and mining to serve the markets of China and India.
What "mantra" or positive saying would you like to imprint on people's minds during this trying times?
Professor Lim: LEARN TO LEARN. You have to learn new skills, new language, learn to cook. Just get into the process of learning new things, and re-inventing yourself.
Professor Macaranas: REMAIN COMPETITIVE. If you can, look for opportunities despite down times, look out for promising things to do.
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