Monday, June 11, 2007
The Economics of Holiday Economics
Ever since President Gloria Macapagal Arroyo issued a proclamation of moving the holiday to Friday if a holiday falls on a Saturday or to Monday if a holiday falls on a Sunday for the purpose of enabling government and private employees to enjoy a three day weekend holiday, has been met with mixed reactions from the different sectors. While holiday economics has been praised for boosting domestic tourism, more retail sales due to people going to the malls to shop and for encouraging more quality time among members of the family, Some businessmen are complaining over lost productivity and having to pay their employees sudden overtime pay and having to re adjust their schedules to due erratics declarations in the past. Although this problems have been addressed by the releasing the schedules of holidays in advance this year. But not everyone pays attention to the schedules released ahead of time.
And according to the National Statistical Coordination Board (NSCB), figures showed that business in tourism and retail industries increased by 10 percent as a result of the long weekends, our economy would actually experience a 3.5-percent growth, in terms of gross domestic product (GDP). Those are pretty impressive stats if they are to be believed. As a part time employee and business owner in the manufacturing sector myself. The employee part of me love the long weekends since it gives me more time to relax and spend time with my family. But the businessman in me also finds it hard to suddenly adjust to the schedule of moving the holiday from June 12 to June 11 for the celebration of Independence day especially if there is a scheduled delivery already planned weeks before. Suddenly finding myself having to pay overtime salary just to keep things on schedule. There are also gainers in the long weekends. Long holidays means more employees will go back to their respective provinces thus resulted in a marked increase in inter regional travel and stirring economic activities in the countryside. The long holidays also means big business for players in the transportation industry especially provincial buses and ferries which have reported significant increases in trips.