When the issue of bankruptcy of one of America’s banking leaders Lehman Brothers Holdings Inc. broke in the Philippines, many thought or even convinced that this would have an effect in our economy, in one way or another.
Soon after, banks representative including Metrobank and Banco de Oro admitted their banks have invested large sum of money with Lehman Brothers and in fact already filed loss provisions totaling to $94 million. Other banks also came forward and declared the extent of or possibility of debts with regards to their venture with the fallen investment giant.
More affected were beneficiaries of the popular Philam Life Insurance which is a subsidiary of American International Group (AIG), one of the largest insurance company in America. Since AIG already filed bankruptcy and was only bailed out by the U.S. Government from total collapse, there has been persistent rumors that Philam Life will be sold in a matter of months. These uncertainties made policy holders fear for their investment with the company up to the extent of some beneficiaries withdrawing their policies as disclosed by Philam Life.
Some years back, when I was still pregnant with our first baby, a friend introduced me to an insurance broker who tried to allude me with her term life insurance quotes. During that time though, there was an insurance company that went bankrupt and was not able to pay many of its holders in full. This made me hesitate from getting an educational insurance policy for my baby.
In relation also to these major economic breakdown in the United States, export companies in the Philippines which largely rely on US market are now facing crises. Hopefully, the Philippine government would make itself ready to assist Filipino entrepreneurs and workers if and ever impact of the crises befell our country.
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