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Tuesday, October 12, 2004
Espinoza: Lawmakers not helping
By Fred C. Espinoza
COUPONS. While it’s a fact that food coupons could hardly alleviate poverty, it’s about time our senators and congressmen took to heart at least eight of the administration’s key revenue measures to keep the deficit in check.
It would also do well for them to be reminded that aside from the specter of hunger hounding the poor in our homeland, our government is likewise laboring needlessly under the perception that despite Ms. Arroyo’s efforts, the passage of these remedial measures has been “slow” or even blocked by political pressures and congressional squabbling, according to a statement from S&P.
We’re sure that many of our leaders would welcome the efforts of the International Monetary Fund (IMF) to provide foreign investors and our countrymen with a fresher outlook on what’s in store for the Filipino nation in the future, a sharp departure from its usual cocky attitude.
“The Arroyo administration with its new mandate (has) a unique opening to break from the past by addressing longstanding economic weaknesses and boldly pursuing a vigorous far-reaching agenda of economic reforms. Seizing the opportunity will be crucial for addressing the Philippine economy’s vulnerabilities to external shocks while helping to underpin investor confidence and improve debt dynamics,” the IMF said in an AFP report.
But how do you explain the recent development in the Philippine stock market? “In recent weeks, the market has surged to highs not seen in more than four years, much of the rise being driven by inflows of foreign capital,” according to another report.
ATR Kim Eng Securities, the answer is perception. “Last year, no one cared about the Philippines, least of all fund managers. The perception outside was one of great uncertainty. The country was facing an election and a huge fiscal deficit,” said ATR’s Martin Enrile.
“We have had the election and President Gloria Arroyo is back in her own right. She has laid out her vision for the future while at the same time admitting there are problems,” he said. “This honesty I think has given comfort to investors, especially those foreign fund managers who stayed away.” Another factor, he said, has been the good corporate earnings so far this year.
Another thing, why can’t our lawmakers help the President attend to some really crucial economic issues confronting our furniture and seaweed exporters, who are having a tough time with the Australian government.
Cebu business leaders have sought government assistance since October of last year to mobilize the Philippine Shippers’ Bureau (PSB) “in convincing the two international shipping companies to load their shipments for Australia.”
Until now, however, the Cebu Furniture Industries Foundation Inc. has yet to receive feedback on the meeting between PSB, an attached agency of the Department of Trade and Industry, and representatives of the international shipping companies sometime in September 2003.
Aside from furniture exports, the shipments of at least three seaweed processing companies have also been put on hold. Maersk-Filipinas Inc. advised its clients last July that it had stopped accepting shipments bound for Australia because of “strict import restrictions and high inspection fees,” a report said.
I don’t think this is the kind of perception that the administration wishes to promote abroad, especially at this time when the President is trying her best to promote the national interest to the leaders in the global community.
(October 12, 2004 issue)
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