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AMID all the wavering hot air being generated by the
political sound and fury—spurred on by a lachrymal figure whose
tear ducts appear to get activated by flashing cameras—one firm
consistent remains. The Philip-pine economy is going from strength
to strength and has become one of the favored choices of the foreign
investment community.
What is so pathetic about the
current bout of political saber rattling is that it concerns a
contract (and just in case you’ve just stepped back on Philippine
terra firma from the moon we are talking about a $329-million deal
with China’s ZTE Corporation for a nationwide broadband system)
that has been aborted anyway and makes protracted and polemic debate
about it moot and academic.
So for those really searching for
an answer to the current woes—caused mostly by politicians
hyperventilating on words—the response is quick and direct:
“It’s the economy, stupid!”
The credit for the Philippines
enjoying its most vibrant economic climate in several decades goes
unequivocally to President Gloria Macapagal Arroyo for the
fundamentals her government has put in place through its far sighted
economic programs.
Sometimes these measures have
gone against public sentiment— such as imposing VAT on petroleum
products, especially when the global price of oil was high. But the
Arroyo government has maintained a bold and brave course, as even
the International Monetary Fund contends—with its resident
representative in the Philippines Reza Baqir telling us that “the
IMF is pretty bullish on the Philippines”.
As the first chief executive with
a degree in economics to take over the reins at Malacanan Palace,
Mrs. Arroyo has more than proved her economic credentials. So the
waves of unwarranted criticism and name calling that she has been
subjected to in recent days are totally unbecoming. Besides, the
dignity of her office deserves better.
It was therefore timely last week
for Press Secretary Ignacio Bunye to put things in perspective by
reminding Filipinos that the President has “helped create seven
million new jobs and bring in millions in new foreign investment.
Unemployment is down, the incidence of hunger is down and access to
health care and a good education are up”.
And when was the last time
Filipinos were able to take pride in the fact the
peso—appreciating by almost 19 percent against the US dollar—is
the best performing currency in the Asia-Pacific region!
In the past few days the
influential US investment banker Merrill Lynch has also chipped in
with the analytical opinion that the Philippines economy remained
supported by strong economic fundamentals.
But it cautions that internal
developments could affect the rosy prospects. Which basically means
the Philippines should avoid trying to sock itself in the eye—as
certain opposition elements (lusting after high office, we suspect)
are so heroically attempting to do.
Thus the President is right to
follow an unwavering course of letting the opposition do all the
talking while she just goes on working.
After all, it’s the economy
that is arguably the best gauge—both at home and abroad—of the
real state of the nation.
E-mail:bizzfizz_98@yahoo.com
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