By IRMA ISIP

Philippine business groups feel that Barack Obama’s presidency will lead to more bilateral trade deals and less of globalization.

Edgardo Lacson, president of Philippine Chamber of Commerce and Industry and Sergio Ortiz –Luis, president of Philexport said that while Obama’s stand on outsourcing is a political statement, they feel that it is better for the business process outsourcing industry to prepare for eventualities.

Lacson and Ortiz-Luis however agree that outsourcing is a business decision and that companies will continue to choose options that will make them more competitive.

Lacson said that Obama’s statement to keep jobs in the US is a "candidate’s pitch", outsourcing is economics-driven, US companies will continue to outsource to be cost efficient.

Ortiz-Luis said the local BPO industry should watch want incentives Obama may give to American corporations to keep jobs in their country.

Lacson said that he feels with the collapse of the talks in the Doha Round, more bilateral deals will be coming. Free trade, he said will be done country to country and not as an organized global system.

Lacson who attended the mock election sponsored by US embassy at SMX yesterday morning noted the presence of top businessmen and politicians in the event.

He said Obama’s election is a model of how democracy should work and should be emulated by the Philippines.

Lacson and Ortiz-Luis said they are more concerned with how fast Obama can lead his country out of the crisis.

Donald Dee, PCCI chairman said that while Obama is not exactly protectionist, he is seen as less liberal than McCain.

He fears that the US will assert itself more in agriculture, (much more than it is currently doing), and movement of people, where the Philippines will be most affected.

The trick, he echoed, Lacson and Ortiz-Luis is to go bilateral, but he pointed out there is the difficulty of getting concessions.

Meanwhile, the peso reacted more positively after Obama’s election.

The Philippine Stock Exchange index moved "sideways" after continuously rising for four consecutive sessions.

The PSEI closed at 2,006.21, moving only by 3.17 points only, for a 0.16 percent change.

Trading reached P2.5 billion.

The peso closed at 48.06 to the US dollar, up from 48.41 last Tuesday. It rose to a high of 47.905and a low of 48.28. The total value of transactions at the Philippine Dealing System reached $775.10 million.

"We were gaining early in the trading but foreign funds appear to be leaning on the selling side. It cut our gains," said Oliver Plana, Asiasec Equities, Inc., research head.

"Also the market has been overbought due to the last several sessions that we should expect really some profit taking," Plana added.

Philippine Long Distance Co., (PLDT) was up P5 to P2,020.

Manila Electric Co., (Meralco) was down P1 to P62.50.

Ayala Land, Inc., was up P0.10 to P6.30.

Energy Development Corp., (EDC) was up P0.50 to P3.20.

Bank of the Philippine Island was steady at P41.50.

Ayala Corp., (Ayala) was down P2 to P237.