In terms the economic slowdown most countries are experiencing, the Philippines, has not been as hard hit as other economies like the United States and Japan. But most economists and policymakers feel that the full brunt of the global financial crisis will hurt the country in 2009. How will companies cope? The Philippine Daily Inquirer asked a number of CEOs and top executives this question. According to Ian Thackwray, COO of Holcim Phils. Inc: "It is clear that our 2008 profitability is down and 2009 will be challenging, but we remain cautiously confident. We’re being asked to optimize cash flow [and] the consequence is that we have budgets and plans that manage cost effectively and limit capital expenditure.
"We have enough capital expenditure to continue to maintain our plants to good standards and make sure that we comply with our environmental standards and improve our efficiencies, but there is no money for expansion or new capacity."