READING, England; January 31, 1998 — “Although we cannot continue to operate on a ‘business as usual’ basis, and must find better economic ways of pursuing the Bible Society mission, we also see that when times are difficult, opportunities open up for more Scripture distribution, and the challenge is how we can raise the resources to respond.” Medarlo Rivera, General Secretary of the Philippine Bible Society, was summarising reactions to the economic crisis that has hit far-east Asia, sending currencies crashing and putting governments’ backs to the wall.

In November 1997, when the Asian stock markets began to feel ripples of uncertainty, the storm that was brewing then was interpreted as “a few little glitches in the road” (U.S. President Clinton). Few people guessed that the loss of faith in banks and currencies would send two national currencies crashing into the red zone – the Indonesian rupiah and the Thai baht – and cause even the growth or ‘tiger’ economies like South Korea, the Philippines and Singapore to take drastic counter-measures.

The implication for national Bible Societies in this area is difficult to determine before the storm has abated. Some Societies, such as the Bible Society of Malaysia, will “wait and see before implementing programs”. But there is little doubt that the damage is widespread and deep.

The general effect upon societies is immediately felt: the cost of imported goods has risen, affecting manufacturing and putting pressure on firms which have taken out substantial loans. Fuel is one major import that will push up the price of transport. Suddenly, people find that their salaries can no longer match their needs, added to which they see whatever savings they have dwindling rapidly as their national currency is devalued.
 

For Bible Societies there will be an immediate difference, especially in the cost of programs: Bibles produced abroad could become more expensive; in some cases imported paper and binding materials are costing so much more that printers are reluctant to give quotations more than two weeks in advance.

Increased transport costs, the strong possibility of salary increases for staff and the lack of local funds to pay for Scriptures could also affect current programs, although programs funded through the UBS will suffer less. Societies relying on regular sales of Bibles for income could see their sales affected as people cut back on all but the living essentials. There is likely to be less of a demand for luxury editions of the Bible.

Fundraising is another area to be adversely affected, at least until the national economies show signs of recovery.

But is it all bad news? John Ball, UBS Publishing Coordinator, thinks not. “While it is true that the present picture looks bleak for some countries and therefore Bible Societies, there are advantages which can help us balance things out,” he said.

“In South Korea, for example, with the fall of the won, costs have risen for domestic production, with 25 per cent added to the price of Korean paper and this will affect the price of a Korean Bible. But the paper for export orders remains unaffected because production is paid for in U.S. dollars. Quotations for export orders are 5-8 per cent less than for the same items last year, implying a saving on export orders.

“One of the strengths of an organisation like the UBS is that resources can be shared in a way that helps to even out some of the extreme changes which have taken place. Many of the national Bible Societies suffering the consequences of the Asian crisis will still have to pay for the paper and materials for their Scriptures in U.S. dollars. They are anxious to earn dollars to help their programs continue.

“Other Societies in the UBS might be able to assist by placing more export production orders with affected Societies that can offer production facilities.

“As for national Bible programs, the funding from the Bible Societies being in U.S. dollars means that more can be bought in terms of local currency. But this benefit is not much help to national Societies reaching financial self-sufficiency.”

Mr Ball pointed to local production and its development as a buffer against sudden devaluations of national currencies. “The Indonesian Bible Society (IBS) is a case in point,” he said. “Without a printing plant they would be entirely at the mercy of their fallen currency, facing increases in all areas of operation without much they could do to counteract them.

“But amazingly, the IBS built the new printing plant in a ‘window of opportunity’, when the Indonesian economy was still strong. Two-thirds of this was even paid for by locally-raised funds. Such a development would be impossible today. But now they have a resource, and the board of the IBS have sanctioned the printing plant to seek additional export work from other Societies to earn foreign currency,” Mr Ball said.

“Finding ways to economise operations and stretch every dollar received” is a phrase repeated wherever the national economy has suffered from the crisis. Bible Society boards have been meeting to consider short and long-term strategies and it seems that mutual help in the region will feature strongly in whatever is decided: if payment can be made in local currencies rather than in U.S. dollars, this would be to the advantage of the Societies where the economy has suffered.

And although it is estimated that the programs planned for 1999 will suffer more from the damaged economies, conversely, the U.S. dollar will have greater purchasing power, which would be an advantage in preparing the UBS World Service Program. The challenge will be in reckoning and apportioning the help these national Bible Societies will require.

Looking at the situation from a “global village” point of view, an attitude which sees each nation as a member of a larger world community or “village”, we realise that a disaster in one area sooner or later touches the rest of the world. Even large multinational organisations conducting business in U.S. dollars are not immune to the ups and downs of regional economies. Gone are the days when one nation could implement economic policies without affecting its neighbouring countries.

The Philippines, where the economy had grown stronger over the last few years, suffered in this recent crisis at the hands of speculators and the pressure to repay loans in dollars. And this came on top of the 1997 drought.

The Philippine Bible Society had planned to end 1998 with a positive balance sheet allowing for a contribution to worldwide Bible work. Now a 26 per cent decrease in income is predicted. “We are not discouraged,” said Mr Rivera. “God’s work done in God’s way by God’s people in God’s time, will never lack God’s provision.”

This Chinese New Year is the year of the tiger. Acting Regional Secretary Tan Nguyen said: “The tiger symbolises strength, courage and dignity. Hopefully, the money crisis which hit Asian countries like a typhoon tearing into a bamboo village will soon be over; and we will overcome the crisis with strength and courage from God.”

UBS General Secretary, the Rev Fergus Macdonald, said: “One thing is certain: people will be needing spiritual hope and guidance to overcome this crisis and its effects. In response to this we are doing everything we can to support the national Bible Societies in their efforts to provide hope and life through the Scriptures.” (WR 329/17 - 3.98) [PHOTOS]