Thus writes Amy Welborn
(an American
Roman
Catholic writer, public speaker and theology
teacher) in the Living Faith, 15th Sept 2012. “Some religions
declare suffering to be an illusion. Our own popular culture
encourages us to try to ignore or distract ourselves from suffering.
Christianity does none of these . . . not because we are masochists
but because we are realists . . .”
Indeed it is good
for our national psyche to be gung-ho especially when our GDP numbers
appear robust as our economic managers pointed out in their
projection of a strong finish in 2012. [Business World, 17th Sept
2012] Unfortunately, when the numbers [GDP forecast trimmed, Business
World, 13th Sept 2012] show a less than favorable
trend, we jump all over looking for someone to blame – obviously
the administration especially when the unemployment picture looks
worse when combined with the underemployment number? [Underemployment
surges, Business World, 18th Sept 2012]
We are
an underdeveloped economy and poverty precisely comes with
underdevelopment. Are we influenced by how Americans react to US GDP
numbers? That is like comparing apples and oranges. The dynamics of
our economy are different from a fully developed one like the US. A
6% bump in their $15 trillion GDP is over the top. But in our case,
until we get our structure fixed, a one-time 6% increase doesn’t
erase our infrastructure gaps nor raise our industrial capability –
which we must address if we are to be a sustainable economy. And so
beyond our quarterly or even annualized GDP numbers, we must
recognize our structural challenges. And our economic managers know
them. We are still a consumption-driven economy (with a huge hole
investment-wise) and thus OFW remittances remain a key economic
driver. And so we recognize the necessity of raising gross investment
like our neighbors have done, and that
means aggressively attracting foreign direct investments.
Our
economic managers have endorsed Arangkada Philippines, an industrial
development game plan from the JFC (Joint Foreign Chambers) that will
attract $75 billion in investments, raise our GDP by over $100
billion via seven strategic industries and create millions of job.
That is no small challenge and it gets much bigger with international
agencies confirming (at 7% annual growth) that it will take us over a
generation to become a developed economy. And it is why President
Aquino’s personal fight against corruption is getting sympathy and
support even from beyond our shores. Every moment of the day it
appears corruption is able to rear its ugly head: starting at the
highest echelons of our society with influence peddling, all the way
down to the hoops one must jump through when paying taxes – or
something even more innocuous as mail from overseas especially the US
being pilfered (because it is assumed they have something of value?)
The
administration understandably must present a brave and happy face
given the enormity of their charge. Our economy lags in many
respects. [PH economy 'unfree,'
judiciary 'inefficient', Business Mirror,
19th Sept 2012; Worst ‘branding’ in
Asia, Manila Standard Today, 21st Sept 2012] We
need more than happy talk! It is noteworthy
that industry wants to talk about transformation. But has Philippine
industry understood and accepted that transformation must mean that
the very foundation of our industry isn’t gamed for the benefit of
the few?
And
not surprisingly, a tycoon is threatening to pull out the investments
of their foreign principals? How could Juan de la Cruz allow himself
to be under the gun? Unfortunately, that’s what our parochial and
hierarchical culture is about? Benchmarking is not instinctive to us.
For example, a tiny country in Eastern Europe, with barely 7% of our
population, has generated more than twice in foreign direct
investments – $53 billion against our $26 billion! Thailand has
$141 billion. Malaysia has $112 billion. Vietnam has $66 billion! The
bottom line: We keep shooting ourselves in the foot given our
parochial and hierarchical bias?
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