A Short Introduction to Bookkeeping

I live in a rather nice flat right in middle of Shanghai. It’s a very well laid out 3-bedroom apartment that’s warm in the winter and, as I am just finding out, surprisingly cool in the summer. It’s got 2 balconies and an excellent view overlooking Suzhou Creek. It’s cheap and the water heater works perfectly!

I love this place; everything is great about this place – everything except the furniture. It’s horrid. It’s faux 18th century French country in a ghastly array of curves and carvings, plastered in white and silver. It’s the kind of furniture that your grandmother would feel old in. Contrasting it with the minimalist feel of the kitchen and the bathrooms, the sofas and the dining set fit in about as much as roaring flatulence does at the orchestra.

To try and alleviate this situation, I made a quick visit to IKEA over the weekend and got myself one of those nifty 3 section dressers that only come in one color: wood.  Did the trick; was amazed at being able to put in all of my life’s possessions into 3 cubic meters.

The bottom shelf space I allocated for my MBA stuff – books, binders, handouts and CDs that I’m sure will come in handy one day. I even managed to save a special space for my copy of Financial Accounting, signed by none other than K-Schip herself, Katherine Schipper.

Sifting through those 3 million kilos of learning material, I was surprised at just how much we’ve managed to intellectually digest over the course of the last 10 months. However, what I found even more surprising was the amount of material that we DIDN’T even mention (not even tangentially) in class.

This isn’t to say that the work load was trivial – au contraire! – we, or at least I rather, have actually on more than one occasion physically felt my brain rap against the inside of my skull telling me to “Stop! For the love of God, stop!”

We’ve so far gone through 6 sets of faculty-generated class slides and you can basically cruise through the program studying just those handouts. Mind you, cruising and doing some actual learning are 2 different things altogether, but it’s amazing how much you can learn if the study material was made by your professor specifically for your class.

This is my first exposure to “proper” Western-style education; I’ve never had the opportunity to have everything laid out in front of me with simple, one-sentence explanations. I’ve always had to slog through 20 pages from the course textbook only to find out the next day that the Prof could explain things in 45 minutes. No class notes though!

Here, with the Fuqua CCMBA Program it’s almost too tempting to not do any real work and just depend on those pre-prepared slides. Makes you think though, if this program is timed to be exactly like the regular Daytime Duke MBA Program – in the greater scheme of all things business, just how much are we all really learning?

Not nearly enough, I’d say. But then what we’re currently going through is already more than enough. And what we’re learning, we’re learning properly. I can count on one hand the number of open-notes exams I’ve had in my life -  and the number of heated arguments I’ve had with my undergrad professors (“So, what you’re trying to say is that when I’m already working, my boss is going to hide all my books?”) I nary have enough digits.

This experience with the Cross Continent MBA has underlined what I’ve always thought important about education – understanding the theory behind the process, not memorizing the process itself. Books don’t give you learning, good teachers do. Or at least those who take time to create class slides.

As for the books that are now neatly stacked one on top of another (again, except for my signed copy of Financial Accounting which has its own slot), I’m a bit disappointed that the 120K USD tuition covered them and I wasn’t even able to properly use them but I think I’ll have to get myself some proper shelving space and keep these readily available or the next 64 years – as I plan never to retire and die suddenly, and without warning, at the age of 92.

Dissecting Dubai – Part 2: Kamusta!

Well, the Dubai residency was certainly a surprise. And in more ways than one! The pace was certainly not as hectic as London, and for the most part the group was able to go out and actually see the city, find time to know more about each other, and ourselves, appreciate some not so obvious things, and welcome if not tolerate some of the more confusing aspects of living an international life. I’ve mulled over a whole lot of new things from the course of that week, and as the whole experience has left me with a rather dense collection of inner musings, I am left with little choice than to split up my next few blog posts.

This is Part 2 of a series of 5

The phone call started off innocently enough. I called the hotel to follow up on the visa application documents that I’d just faxed. The kind, elderly voice at the other end of the line sounded eerily familiar. The dropped “th” sound, un-enunciated long vowels… I just had to hazard a guess:

“Ate, Pinoy ka ba?” (Literally: Pardon me, good miss, but would I be overstepping my socio-economic boundaries by assuming that you are indeed a fellow citizen of the Republic of the Philippines? Filipino is such a succinct language.)

The answer was a resounding yes. 15 minutes later, not only had I fixed my visa, but I’d also ran up my overseas phone charges, and been fed the name and age of a new Filipina-Chinese management trainee, Sophie, who finished from the same undergrad University that I did.

A quick look on Wikipedia showed me that there were between 250,000 and 450,000 Filipinos living in the UAE, taking up 5% of the population of the whole country.

I never really knew just how big a number 450,000 was until I got off the plane and did the check-in. There was a doorman there, Jonathan, I chatted him up. There was a girl, May, doing head counts for the first brunch. I chatted her up. The guy who cooked our omelets – José was it? Or Iñigo? I can’t really remember as I don’t really talk to people at 7:30 in the morning. But anyway, I ordered the same thing every day, so he already knew: “Bossing! Queso tsaka onion?”

There were so many Filipinos there I did 2 complete Dash Interviews in Tagalog.

Fast facts:
2008 Foreign Currency Remittance by UAE-based Filipinos – USD 520million
2008 Philippines per capita GDP – USD 3,515
2008 Philippines population – 90 million (450,000 workers = 0.5% of the population)
USD 520 million dibydiby (divided by, in Filipino) 450,000 workers = 1,000 USD approx

So you’ve basically got an extra 30% direct transfer for 0.5% of the population coming in every time Christmas hits. All going direct to C, private consumption.

Dutch Disease? Ha! How’s about a good dose of Spanish Sickness?

On the one hand I feel very proud to have so many Filipinos out, overseas, doing an honest day’s work and sending money back home. On the other hand, I’m also waxing over apoplectic just thinking about how sad the situation must be back home that Catholic, Asian tropical islanders have to fly out to the middle of the Persian Gulf to work in a Muslim (albeit nominally) country.

Why is it that the same people can be so productive outside the country, yet so indolent and hopeless when inside? I would hazard a guess and say that there’s something systemically wrong with the way the country is run. And, I’m sorry, but it is absolutely with no malice that I blame the Spanish for setting us up to be the only Latin American nation in Asia. Only Pakistan beats our bureaucracy on the corruption scale. We don’t save, we don’t invest, we don’t innovate. We sing, drink, dance and play the guitar.

And yeah, we export people.

Regardless, there has to be a way to harness the skills of these same people, right? But how? After the BRIC group, there’s the Next Eleven. How do we make sure that we get on the next wave of development?

I’m not all too sure about the process, but I certainly hope that this “cross continent” experience will help me learn enough to drive change back in the Republic.

Otherwise, I’m moving to Dubai.