THE COSTS OF CHRISTMAS PAST & PRESENT 1

The temptation to which many give in every holiday season is to overspend. The Costs of Christmas Past & Present haunt them all year round –even the Ebenezers.

In the Philippines (reputed to have the longest holiday season), where Christmas carols start being played over the radio beginning the –BER months (i.e., SeptemBER, OctoBER, etc), the temptation is particularly inescapable. And, for many, catching up on the Christmas-generated spending takes up many months of the ensuing year.

To assist the general public to fund their deficits, a Labor Law was passed mandating employers to give their employees a 13^th month pay. Predictably, the effect has been –not to cure the deficits– but fund more overspending. Of course, the sector most benefited by this law is the department stores, boutiques, and sundry gift shops. As a matter of fact, during a slump, business establishments look forward to the effects of this Law to make up for their own deficits.