Oscar for Most Prepared Country
Letting Dinosaurs Die
Ultimately good governance and hard-fought economic house-cleaning strengthened our economy against the Storm. The National Debt-GDP ratio dropped from 72% (2005), to 51.7% (2008), down to 40.7% by 2010. Asia's iron lady, President Arroyo's dogged determination in maintaining Government revenue streams – Oil Evat, for example – enables pump-priming via infrastructure projects, like the 2008 Php177 billion allotment, expected to generate 540,000 jobs - stark comparison to America’s 524,000 jobs lost last December.
Albay Governor Joey Salceda’s recommendations fortified Government safety nets, further shielding the poor; increasing: conditional cash transfers (Php5 billion to Php15 billion); scholarships (Php3 billion to Php15 billion); and Philhealth coverage (Php5 billion to Php17 billion).
Food security will be reinforced in 2009 by Php17 billion directed to palay acquisition and maintaining the Php18.25/kg rice for the poor; and implementing JPEPA agricultural measures with Php2 billion funding.
Global recession has huge companies discounting deeply and downsizing to prop flagging sales, huge executive salaries, and volatile oil prices. These countermeasures don’t guarantee success. Let dinosaurs die; like the American Big Three automakers, now facing bankruptcy after maintaining flawed organizational and product strategies.
Private Philippine enterprises, dependent on American markets, risk equal fate.
Conversely, investments guaranteed and/or supported by the Philippine Government are safe. Therefore, invest in Government Build-Operate-Transfer projects, Low-cost Housing, or Republic of the Philippines (ROP) Bonds. Otherwise, keep your cash.
Also, consider that Government is the sole entity – not prehistoric businesses – capable of spreading wealth, across classes, according to priority.
The country's economic performance, featuring hard-won battles, and painful decisions, has birthed a resilient economy in the Global Financial Storm, at its center, the hardworking, happy Filipino.
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- Teodorico Haresco
