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First of all, a Merry Christmas to all our readers. I am a sucker
for Christmas traditions. I like eating Christmas delicacies,
watching Christmas movies like Frank Capra’s “It’s A Wonderful
Life,” perhaps attending a dawn Mass or two (I’ve tried to
complete the whole novena but … ). I enjoy the gift-giving and the
shopping and the decorating and the parties.
Much has been said about how the real meaning of
Christmas has been lost in these traditions, but I beg to disagree.
Traditions allow us to transcend time and reconnect with our loved
ones who have gone on ahead of us, and whom we miss dearly the most
during this holiday season. By doing the very things they did back
then, the very things we did with them back then, we can somehow
reconnect. We transcend the barriers of time and renew bonds, even
forget about our own mortality.
Christmas is also a time for hope, and a time to
remember and be thankful for all the good things in our lives. For a
lot of Filipinos, these good things are very few, but they are
nevertheless happy and hopeful about them, if you believe the polls.
The President has every reason to be happy this
Christmas as well. Once again, as the year-ends, we expect her to
boast that the Philippine economy is strong, as she has well
reiterated throughout every year since she assumed the presidency.
The government, despite some hiccups in revenue generation, is still
on track to balance the budget. Foreign direct investments,
according to the Bangko Sentral ng Pilipinas, has risen by 53
percent to $3.6 billion and the country would likely end the year
with a 7-percent GDP growth.
The Philippine peso is the best performing
currency in Southeast Asia, indeed, one of the best performing Asian
currencies, in terms of its value against the US dollar. It is even
seen by some to break past 40 to a dollar because of the surge of
remittances this holiday season (it’s been stabilizing at 41
though).
Surplus in US dollars, thanks to record
remittances, have allowed the country to prepay a significant
portion of its debts. And these remittances would likely grow
another 10 percent, to about $15.7 billion next year, again
according to the BSP.
Our local stock market is doing quite well too,
remaining strong despite the US subprime crisis and the slowdown in
the US economy. It is one of the best performing stock markets in
the region.
The only drawbacks at this time are the recent
surge in oil prices, which is tempered a bit by the high peso value.
Of course, there is also the negative effect of the Philippine
peso’s remarkable performance on OFWs, the BPO industry and
exporters.
Beyond all these statistics the government touts
though, what you really want is to make a dent on poverty and reduce
joblessness by providing quality (well-paying, stable) jobs, which
could at least stem the mass migration of our skilled workers.
Actual and self-rated poverty is still very high
in the Philippines. You don’t need statistics to show you that.
Just go take a stroll outside and you can see it. You will believe
those polls on hunger incidence. Economists say we need a 7-percent
to 10-percent GDP growth to make a dent on poverty. Well, we hit 7
percent this year. Hopefully this would be sustained, and we would
find convincing evidence of the poverty rate declining in the
immediate future.
There’s no reason for Macapagal-Arroyo to be
sad on the political front as well. Despite her being branded as the
most corrupt, most disliked, least credible and least trusted
Philippine president of all time by survey after survey, she has not
only survived but thrived under intense political pressure.
The national and local elections last May was
generally seen as a referendum of the Macapagal-Arroyo
administration. The president lost in the Senate but her bets won in
the House and most everywhere else locally.
Since her reelection in 2004, she has survived
many impeachment efforts against her, and this year is no different.
Another impeachment bid was mounted against her, largely seen as
staged and preempted, and was again soundly defeated—the weak
impeachment complaint was dismissed on a technicality for lack of
substance.
Further watering down the cause of the
opposition, she freed her biggest surviving political rival (FPJ
being dead) from detention. After being held for six years on
corruption charges, former president Joseph Estrada is now a free
man, and for now at least, seems grateful and non-antagonistic.
Yes, it’s not a bad Christmas, and not a bad
year altogether for the president. If only she and her
administration could stop shooting themselves in the foot with all
these corruption scandals...
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