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FILIPINOS can heave a collective sigh of relief now that the Senate
inquiry into the ZTE broadband contract has lost steam after the
alleged broker of the transaction has resigned. The Commission on
Elections (Comelec) chairman’s decision to step down four months
ahead of his retirement spares the country from another costly
political distraction.
Given the tone of the inquiry into the ZTE deal,
the investigation is turning into another venue to divide public
opinion and derail economic growth along with it.
While we recognize the Senate’s prerogative to
conduct inquiries in aid of legislation, the current probe has also
become a venue for irresponsible grandstanding, with reckless claims
made serving only to devalue political discourse in this country. As
the record shows, partisan inquiries hardly result in meaningful
legislation.
The Comelec chairman’s decision to take the
matter to court brings the truth-seeking process to the proper
venue. The sooner the legislature wraps up its inquiry, the earlier
lawmakers can buckle down to the more urgent work of passing key
reform measures.
At this point, the Fourteenth Congress has lot
on its plate, what with many priority measures left undone during
the previous session.
We have a bill creating a centralized credit
bureau, which regulators say, would prevent the ongoing United
States subprime mortgage mess from happening in the Philippines. To
recall, the US housing sector problems triggered a global credit
crunch, roiling financial markets and pushing the world’s biggest
economy closer to recession.
Contraction in the US, which is the
Philippines’ largest export market, would in turn crimp our
economic expansion.
Another pressing piece of legislation is the
proposed Preneed Code to resuscitate what had been the only
successful model of that industry in the world. Before the collapse
of industry giants College Assurance Plans and Pacific Plans,
preneed held up as the average family’s fighting chance to provide
a better future for its children.
Of course, the 2008 spending bill is perhaps the
most important piece of economic legislation in the legislative
pipeline. The passage of next year’s General Appropriations Act is
crucial as all eyes are on the Philippines’ ability to deliver on
its promise to balance its budget.
It’s make or break for the country next year,
as government hopes to emerge from its worst fiscal crisis.
Balancing the budget would merit the much-coveted credit ratings
upgrade and lift the burden of expensive borrowing costs.
Fiscal recovery in turn would allow for greater
government spending, thus boosting the chances of sustaining the
country’s newfound economic momentum. A new era of affluence
awaits us if only the legislature could set its priorities straight.
With the economy on the right growth path,
corruption in public contracts such as that which allegedly
accompanied the ZTE deal would be minimized. For faster growth
redounds to a bigger economy, which in turn means there’s more
legitimate wealth for everybody—government, businesses and
households alike.
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