"Most probably, if ever there will be, it (lay-offs) will happen after Christmas," DCCCII president Simeon Marfori told Sun.Star Davao in an interview. "Businesses will let Christmas pass."

That the recession hasn't hit close to home is also the assessment of the Department of Tourism (DOT)-Southern Mindanao in Davao City, but for a different reason.

On the chamber's side, they are aware that the city's main industries will be affected by the fluctuating peso-dollar exchange rate, including the city's largest employer, the banana industry.

Marfori, however, clarified that at present, there are still no telltale signs of a looming major lay-off in the city's businesses and industries.

"So far, it's been okay. But let us keep our fingers crossed," Marfori said.

The business chamber president added that despite the global financial recession being experienced, investments continue to pour into the city, especially in the real estate and business processes outsourcing sectors.

Nonetheless, Marfori said the election of Barrack Obama as the incoming President of the United States will be good for the global economy.

"Investor's confidence will be back and it will move the world economy forward," Marfori said.

On the part of DOT-Southern Mindanao Regional Director Sonia V. Garcia, what's keeping the city up is the fact that it is a business and not a leisure destination.

"The statistics don't show that we are being affected, so far occupancy has been on the rise," Sonia Garcia, director of DOT-Southern Mindanao, said during Monday's Kapehan sa Dabaw at SM City Davao.

The places adversely affected by the financial crisis, according to Garcia, are the leisure destinations.

"But Davao City is a business destination, whether crisis or not, people have to go here to do business," Garcia said.

Due to the financial crisis, which has caused stocks worldwide to stumble, some leisure destinations throughout the world have already reported losses.

"People are saving up, they try to scrimp. But if you're a business destination, people will still come," Garcia said. "And it's the holiday season, so people will still spend and travel."

With the holiday season just a few days away, Garcia believes this will in some way buffer the effects of the global financial crisis on the local tourism industry.

The business sector in Davao City has also reported that business has been so good so far. However, the business sector remains to be cautious as the effects of the global crisis may be felt only after the New Year. (CPM)