Editorial: Trickle-down effect

THERE is a worrisome report that findings of an independent survey done by a professional business research group showed that about “half of the Philippine population consider themselves poor despite robust economic growth.”

About 9.4 families or 50 percent of our current population “considered themselves poor, up from 43 percent or 8.1 million in March.”

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Since our country’s economy has grown in recent months, benefits of the economic gains should have seeped down to the lower levels of our society.

But it appears that it has not, if we consider that about half of our people feel that they are poor. This means that the trickling down to the lower levels of economic benefits has been slow, or not at all.

And yet, the Business Expectations Survey Report of the Bangko Sentral ng Pilipinas (BSP) showed that respondents were confident that the country will achieve better business and economic performance in the coming months, from July to September.

The survey was undertaken almost at the height of the election season.

The BSP does the survey every quarter and shows the economic prospects of different regions of the archipelago.

The second quarter survey of the BSP had as respondents some 146 companies in Region 7, although only 79 percent of the number actually participated or responded.

The result, according to the BSP’s Department of Economic Statistics, indicated a bullish attitude, shared by the rest of respondents nationwide.

In Central Visayas, the BSP revealed the region’s confidence index was almost at the “pre-2008 crisis levels.”

Likewise, survey respondents nationwide appear optimistic about a possible recovery in export earnings, and of a moderate inflation, along with the increase in overseas remittances, and a stable peso.

With these indicators, why should there be an increase in the number of Filipinos who feel and believe they are poor?

The Visayas, however, may assume an upbeat outlook, considering that its economy is anchored on the fact that it has the lowest average annual population growth among the republic’s three major island groups.