By Paolo S. Romero (The Philippine Star) Updated March 26, 2012 12:00 AM
MANILA, Philippines - Despite harsh criticisms heaped on the Aquino
administration and the many global challenges facing the country, the
Philippine economy is actually poised for a take-off based on indicators
glossed over by critics, House leaders said yesterday.
The lawmakers, led by Ang Kasangga party-list Rep. Teodorico Haresco and
Eastern Samar Rep. Ben Evardone, also filed a resolution "commending the
government's economic team of the DOF (Department of Finance), DTI
(Trade and Industry), DBM (Budget and Management) with the BSP (Bangko
Sentral ng Pilipinas) for the country's coming economic take-off because
of 'PNoying' or the President's 'Daang Matuwid' (straight path)."
Haresco is vice chairman of the House committee on small business and
entrepreneurship development while Evardone is chairman of the House
committee on public information.
Other authors of the resolution are Aklan Rep. Miraflores, chairman of
the House committee on tourism, and Guimaras Rep. Joaquin Carlos Rahman
Nava, vice chairman of the House committee on appropriations.
"Despite the economic doldrums of major economic partners, like the US,
EU and Japan, which have seriously affected the Philippines in terms of
trade. We see a robust Philippine economy," Haresco said.
He pointed out the country's vibrant stock market, whose index recently
breached 5,000 for the first time in 11 years; a sustained current
account surplus of $5.2 billion, and a huge foreign currency reserve of
$75 billion.
He also cited the appreciating peso which mitigates imported inflation
to an estimated 3.5 percent this year and probability of another
probable ratings upgrade by Standard & Poor's "which may against lower
the country's borrowing costs and save us another P25 billion in
interest charges."
"We also have a benign labor-management relationship environment, which
is certainly attracting the second wave of Japanese, Korean, and
Taiwanese manufacturing investments. All of the above is good governance
as a result of 'PNoying—a straight path or 'daang matuwid' which buoyed
the confidence of the public and private sectors," Haresco said.
"With all the essential political vision and actions imbedded in P-Noy's
Cabinet, the country will take off and may even surprise all of us if
2012 breaches the targeted 4.2 percent growth on GDP (gross domestic
product)," he said.
He said the indicators belie criticisms hurled by militants on
government to dispense with the value-added tax (VAT) and legislate a
P125 daily wage.
He said investors to the region are "revisiting the Philippines once
more as their Asean hubs experience near full employment levels of
skilled labor and rising inflationary pressure on wages.
Vietnam and Thailand have seen salaries and wages increase 15 percent
annually over the past three years, he said.
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