THERE WAS BLOOD on the trading floor on Monday, as traders watched the red-colored electronic board of the Philippine Stock Exchange. Not a few might have wondered if this was the “end of the world,” as opposed to the jubilation early this year when the index made its historic breach past the 7,500 mark in time for the Chinese New Year. Outside, the wind blew through the windows of not a few establishments which observed business not-so-usual. The shops were open to customers but the shopkeepers were not so full of anticipation.

This is Metropolitan Manila, a city perturbed by ghosts at almost any time (take it from the James Hamilton-Paterson novel) and certainly this ghost month. That tradition traces its hazy origins to medieval China. In this chaotic, ramshackle world that is Manila today, businessmen, the work force, the economy — all are still haunted by ghosts.

A Buddhist tale from the 3rd century tells about Mulian, a monk, who sought Buddha’s help in rescuing his mother from the lowest and most painful purgatory. He was then instructed by Buddha to offer food and gifts to monks and monasteries on the 15th day of the 7th lunar month. This day, they say, has come to be what is now the Hungry Ghost Festival, where the gates of hell open and unleash the spirits who met an untimely death. In similar fashion, traditional believers today offer food and light incense to appease the ghosts.

In the Western calendar as we know it, the festival usually falls on August or September. Ghost month this year began on August 14 and will end on September 12. And today, being the 15th day of the 7th lunar month, marks the Hungry Ghost Festival. Which means hungry ghosts have begun walking among mortals, ready to pounce on unsuspecting victims.

HAUNTED BUSINESSMEN
Much like culture and superstition, the belief has lived through word of mouth and as a consequence, the ways to appease the spirits are as diverse as the people who believe them.

Feng shui master Marites Allen, who lists Washington SyCip, Ben Chan, and Teresita Ang See among her clients, advises to slow down. That means no renovations, no business inaugurations, no weddings, no moving into a new house, no big purchases, and, in general, no major decisions should be made. “Energy of these spirits are strong in the ghost month,” she explained. Anything started on the ghost month is bound to not last, it is believed.

Ms. Allen’s job is to guide clients during this month, and when she can’t stop them from opening a store during the month, she picks an auspicious day and hour based on the client’s birth date. “The result will not be immediate. It’s for the longevity and sustainability of the business,” she said. “You’re trying to start a new way on an auspicious day.”

Ms. Allen said clients are entitled to their own ways of practicing. “To each his own,” she said. Ms. Allen herself, before she met the books of feng shui, got married on the ghost month, yet she remains very much married “and in love,” thanks to her conscious decisions with her husband. Just the same, she cautions people to take extra care. “A lot of rich people are too rich, and feel they are too big to fail. But the failures may be in the form of relationship or health issues.”

‘SOFT-OPEN’
Businessman Antonio L. Tiu inaugurated the SunChamp Agri-Tourism Park, incidentally, the subject of a Senate investigation into allegations of corruption against Vice-President Jejomar C. Binay Sr., on August 5 last year: a date that fell on the ghost month.

“Ghost month originates in ancient China under the belief that ghosts are set free from hell in the 7th month of the lunar calendar, particularly the middle three days of the 7th month,” he explained to BusinessWorld in an e-mail. “I avoid activities only on the three days of the ghost month which are the 14th, 15th, and 16th — not the entire ghost month.”

Mr. Tiu acknowledges that since the ghost month normally falls in August, a vacation month in the Western world, financial markets are down and less active, adding to the already negative perception. “Spirits will not approach people with no affinity to them,” he added. “I believe as long as we do not do things that harm people in the day, then we should not be afraid of ghosts in the night.”

For Emerson Yao, managing director of Swiss watch purveyor Lucerne, “We don’t open new stores, we don’t start any construction or renovation, and we don’t launch new brands in the market because these are major initiations of business. But if it’s just, say, a press event, or showing a new model from a brand that is already in the Philippines, it’s fine,” he said. “Our life can’t stop for a couple of months.”

Sometimes, Lucerne “soft-opens” during the ghost month, with the official opening following after that period. “The mall will start charging rent,” Mr. Yao explained.

The reason to soft-open is practical, and so the reason not to harp on the opening. “I would think it’s a newer generation thing,” he said. “We look at what’s at stake. But at the same time, we don’t want to violate, because the people we deal with, the suppliers, the customers, some of them might be sensitive to it. You follow because you also don’t want to be in a position where everyone will be asking you, why are you opening on the ghost month?”

Mr. Yao says his ghost month sales are “OK. It’s not a great month, but it’s fine.” But he observed that the ghost month in the East is summer in the West. Thus, for other countries, it may follow that business becomes lackluster. Watch factories, for example, follow production lines that, in turn, encourage workers to take leaves all together instead of one by one. At this time, some European factories shut down for a holiday. “During that month, the town will be quiet. Business will be down,” he said, quipping, “and not necessarily because of the ghosts.”

SEA OF RED
The summer in the West could also be credited for the down stock market, which saw a sea of red at the Philippine Stock Exchange at the start of a “bear” week. By Monday’s closing, the index fell to 6,791.01 — its lowest drop since June last year, wiping out gains early this year, amid the long shadow of China’s uncertain economy.

Yet, resiliency marked trading the next day despite a technical glitch. An accountant eyeing a leading stock bought shares worth P10,000.

“Ghost month is a time for ‘low’ so I buy,” said this client, a Chinese-Filipino himself. “No mystical or superstitious stuff accounted for that.” He said he uses this fear of the ghost month to his advantage. “Trading is a very emotional affair. If all people are ruled by reason and logic, no profit will be made.”

“Stocks are cheaper in August. August is a slow month so that’s the time people buy,” said Astro del Castillo, president and managing director of First Grade Finance, Inc.

“Aside from Chinese buyers, most fund managers in North America are on a summer break,” the analyst said. “Foreign funds are still the prime movers. So volume turnover is low, and coincidentally, August is the ghost month, so I think, most investors in North America wala masyadong [don’t see much] action [in the] financial market.”

Joey Roxas, president and chief analyst of Eagle Securities, still observes the ghost month in the old-fashioned way of his Chinese-Filipino roots. He said he still sacrifices dishes like pork leg, fish, or chicken, to deceased ancestors during this month. That’s how it’s traditionally done, with the family’s old photographs placed on the table amid the burning incense.

“I’ve have a friend who inaugurated a factory years ago,” Mr. Roxas shared. “Sarado na.” (It’s closed.) It’s a coincidence. But I think you just avoid starting things — inaugurations, moving into a new house. In the stock market, one thing obvious is volumes are down. Many people don’t participate because it’s the ghost month.”

THE LARGER SOCIETY
Writer-restaurateur Clinton Palanca, who has written much about Chinese-Filipinos like himself, admits that even he is no firm believer of that tradition.

“The business cycle should continue as usual,” Mr. Palanca said. “However, if other people believe in ghost month and the entire market slows down as a result, I’m forced to slow down as well. In effect, it becomes a self-fulfilling prophecy.”

Is this still a predominant belief among the younger generation of Chinese-Filipinos?

“That I wouldn’t know, unfortunately,” Mr. Palanca said. “But it’s a long time to be idle so they may not start large projects, but I’m sure they are pragmatic. Interesting is how many non-Chinese have adopted the belief.”

Fictionist Charlson Ong, who has written much about the Chinese-Filipino sensibility in his works, affirms this. “Obviously, interest in the ‘ghost month’ is no longer limited to the Chinese community but has become part of the larger society. This shows how cultures are becoming ‘hybrid,’” he said.

Mr. Ong takes the rise of commercialism and the consumer culture in China as a contributor to the revival of traditions seen to impact business across Southeast Asia. “I think most people no longer take it as seriously as previous generations but they take certain ‘precautions’ that wouldn’t hurt.”

As people from East to West slow down this month, Mr. Ong reflects, “In a sense, it is some sort of equivalent of a Lenten season among Catholics when people think less of worldly things and making money, but of the afterlife.” It’s a nice image to conjure: people going away from work, contemplating, while hungry ghosts wander the same grounds.