You are correct in that the Philippines is
the 2nd fastest growing economy in Asia. However, the poverty and unemployment
levels have remained the same. Where is the money being spent?
And another:
The flip side of the coin, even the
Philippines agrees that there is 25%
unemployment (probably more) and that the so called booming economy is not
helping anyone but the rich...WHY are you in denial on this?
And another:
Beg to differ---virtually none of the money
at the top of the Philippine food chain/stock market etc is filtering down to
the poor...and MOST of the PHILS is poor, or dirt poor...hence the stagnation
among 80% of the population...is any of that money being used to clean up the
garbage, traffic, pollution, crime, generating jobs, infrastructure, clearing slums,
providing education? For the vast majority, I don't think so...
From the Bugle: Thanks all for the
excellent comments. These are all good points, but what is the alternative?
Should the Philippines abandon capitalism and follow the New People’s Army to a
North Korean state of paradise? I have some hard news for you guys: in a
capitalist system, the rich get richer before the poor get less poor. That is true in every country.
The only proven path out of poverty is for
a country to institute reforms; have those reforms recognized by international
agencies which in turn attract job-creating investments, particularly in
manufacturing. The rural poor move into factories, have enough money to pay taxes and educate
their children, and the educated children then become middle class tax payers who demand less corruption and better government. The increased tax revenues are then poured into infrastructure and other investment-attracting activities. That is the only proven
path. That is what China, Taiwan, Malaysia, Thailand, Vietnam and other
middle class countries have done. The Philippines is not stagnant. It is on the
move, but it has a long way to go before it translates high economic growth and
institutional reforms into broad poverty reduction.
This is the real question: Will the
Philippines go off track, as it has done in the past, and fall back into
corruption and economic stagnation?