A blessing in disguise

The monetary crisis has indeed sent out shivers of gloom and doom especially for this year. And to say that it is a blessing in disguise could seem completely out of place.

But, if you think about it, how else could major momentous change happen in a given situation unless not just one person is hurt, but everybody all the way from the very top down to the man in the street is affected.

After all is said and done, Indonesia will never be the same again in many ways. As for the commercial sector, it will never be run again the way it was in the past.

Many traditional concepts such as "Land prices never fall in Indonesia" and "Property is a good hedge against inflation" are among many the ideas that have been debunked by the turmoil.

To start with, developers -- who are by far the hardest hit -- will be that much stronger if they can weather this crisis, and it will undoubtedly change the way they do business thereafter. The excesses of the market place will be reversed.

The working classes, who used to resign at a whim, will discover to their chagrin that they will have to learn how to hold a job down.

It is a small, but necessary step toward cultivating work discipline.

Wages will be readjusted in line with productivity, the former had outstripped the latter in the rising market when the labor market was tight.

The banking fraternity through weeding out, consolidation, mergers and acquisitions will find that they are none the wiser at being the "Jack of all trades and master of none".

There will be a reemphasis on the local currency as the only means of exchange and it will therefore follow that fiscal and monetary policies will be instituted in tandem to support the rupiah.

Last but not least, real estate, among other things, will become more competitive and quality property will be realistically priced.

All these things will certainly work out for the good of Indonesia as a whole.

S.K. TAN

Jakarta