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Thursday, February 03, 2005
Editorial: Divine Providence
Call it the hand of Divine Providence or just pure and simple good luck, but recent developments in the country appear to be holding a well-lighted torch for the republic’s long-hobbling economy. And it appears to augur well for the economic life of the Filipinos over the next 12 months, granting of course, that all will continue to go well.
In any case, yesterday’s headline in a national daily told the tale of the republic’s peso breaking the P55 to US $1 barrier by appreciating “a 15-month high of P54.87 before closing at 55.” This heartening event is only one of several indications that the economy has taken a positive course.
A further affirmation for the republic’s positive economic future was the revelation of the Bangko Sentral ng Pilipinas (BSP) that “foreign funds were pouring back” into the country, with net portfolio inflow surging to $427.2 million in the first three weeks of January. It is perceived as a very strong opening, indeed, for the year just beginning.
BSP Gov. Rafael Buenaventura said this could lead to further appreciation of the nation’s currency, breaching the P53 level, especially when it is clear the National Government would be able to “meet its commitment to raise P80 billion.” However, the responsibility to raise the deficit lies in the hands of both Congress and the Palace.
But the key, of course, would be in the passage of “enough tax reform measures” that would lend stronger impetus to and assurance of raising P80 billion in fresh taxes.
What could derail the nation’s strong start is the possibility that the radical left — which had remained quite inactive in the past months, although its propaganda machine continues to take potshots at the Arroyo administration — would capitalize on the current harsh inflationary trend and ride on the reported misery of our some 40 million poor.
Just the same, the reported 6.1 percent growth rate of the republic last year, said to be the highest since 1996, could further spur domestic economic engines. The BSP has announced recently it is going to help the Export Development Council through a grant of P10.5 million to fund its program.
The uninspiring state of Philippine politics notwithstanding, the nation’s economy may be able to stabilize itself through its own efforts. The reality of our economy having been able to make a good start this year may be due not so much to government policies, but to Divine Providence.
(February 3, 2005 issue)
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