Editorial

China?s cue

China, the world?s third largest economy, will likely recover from a slump later this year. This is a positive signal that could ripple across the rest of Asia.

The World Bank?s assessment of China?s possible economic recovery this year is the latest among the slew of encouraging reports that suggest the global recession has bottomed out. Latest trade data from China bolster the Bank?s report.

?A ray of hope may be emerging with signs of China?s economy bottoming out by mid-2009,? the Bank said in a statement last week. ?A recovery in China?fueled largely by the country?s huge economic stimulus package?is likely to begin this year and take full hold in 2010, potentially contributing to the region?s stabilization, and perhaps recovery.?

China?s trade performance in March swiftly supported this contention. China?s exports dropped 17 percent year-on-year in March, much slower than the record 26-percent fall in February.

China?s economic health is key to Asian countries, including the Philippines, which supply basic materials and components for industries. An improvement in China?s economy will serve as gauge on the ability of the rest of Asia to come out from recession.

The World Bank sees China?s economy expanding by 6.5 percent this year, slower than 9 percent last year. In stark comparison, most major and emerging economies are seen to contract in 2009.

Chinese officials say their $586-billion stimulus plan to pump money into the economy through higher public works spending in order to boost domestic consumption has begun to show results.

The Philippines? own P330-billion stimulus package, meanwhile, must work to stem the tide of recession that has gripped its neighbors in Asia. Philippine authorities can no longer afford delays in public spending on infrastructure and social welfare projects designed to revive the economy and pick up the slack in consumer spending.

Slowing dollar remittances and reduced employment opportunities will eventually catch up with the whole Philippine economy, unless the growth stimulus package is timely implemented and wisely spent.

Consumers in uproar over rising power rate
Consumers from practically all economic classes were taken aback when they received their electric bills last month. The bills showed a sharp increase in payments due. These consumers had been expecting that they would be charged higher by the Manila Electric Co. for consuming more power for their electric fans or air conditioners during the hot summer months. But they had no inkling that their electric bills would jump this much. Many of them were hard put absorbing the additional cost because that meant cutting the budget for other family needs.

Easter Sunday reflections
I woke up yesterday to find more than 30 text messages in my cellular phone all wishing me and my family a Happy Easter. Some of the messages contained profound reflections on the real meaning and significance of Christ?s resurrection. Others were the usual cute messages conveying Hallmark-styled greetings of hope, love and redemption.

A fair chance at the future
In Concord, California, elementary school students bring books and other educational materials to a warehouse. They sort these items and pack them into boxes. They are told these boxes would find their way into barrios?far-flung villages in the Philippines where these will be worth more than gold to children their age. These American boys and girls are thrilled that they are able to ?think globally? while ?acting locally.?

Early on the first day of the week
By Fr. Ranhilio Callangan Aquino
That is when the women in Jesus? company discovered the empty tomb. That is when the world first heard the joyous proclamation: He is risen! Sabbath was end of the week for them, and so that what today is Sunday for us was the ?first day of the week? for them. The Risen Jesus did not appear to all.