Thursday, March 30, 2006
Light at the end of the tunnel?
One of the great things about having a blog is that it helps keep me abreast of the tons of information out there in cyberspace, which I normally would not catch given that my occassional trawling in the net is limited to visiting favorite sites. From Rhochie (who leaves short but insightful comments in this blog) comes this link:
Bear Stearns & Co. Inc. Retains Positive Economic Outlook on Philippines
US-BASED investment bank Bear Stearns & Co. Inc. has retained its positive outlook on the Philippines despite recent political turmoil, projecting that the economy will even grow at a faster rate of 5.8 percent this year. Last year, the economy grew 5.1 percent.
In a paper on its assessment of the country, the investment bank said the ability of the Gloria Macapagal-Arroyo administration to weather political problems, including so-called coup attempts, gave the institution reason to believe that the economy was not in danger.
"One important reason (why a segment of the Philippine military) failed to gain any significant public support is that the economy is showing signs of recovery in 2006, and the Manila middle class is unwilling to jeopardize this," Bear Stearns said (Underscoring mine)
Being in the financial services sector myself, I have grown cynical about similar predictions in the past. I have learned to take similar pronouncements with not just a grain, but tablespoons of salt. God knows how many times our country has been touted to be on the verge of an economic takeoff only to be derailed by yet another political scandal that has become as commonplace as the traffic on EDSA on any given Monday.
But hopefully, we all have learned a priceless lesson in the recent past. Now that people are speaking up and sober voices have started to be heard above the din and dynamics of the mudslinging and blamestorming, we can all get back to work on getting this country back on track towards progress.
I have said this before, and I will say this again: we should not allow our political and partisan preoccupations stand in the way of economic development. By all means, let us continue to express out disagreements and our discontent with the establishment, but let's all do these the civil, the legal, the democratic way.