|
Friday, June 24, 2005
Editorial: Positive economic outlook
WHAT could be truly heartwarming and worthy of celebration are the indications that the country’s economy is able to fend for itself and stand on its own amidst a brewing political storm.
It seems the economy is able to retain a positive attitude and dynamism despite the current political tsunami that is shaking the nation’s administrative rafters and threatening to topple Arroyo government.
That the economy is holding on despite the jueteng scam, the voice tape scandal, and the rallies and demonstrations for and against the Arroyo government, is proving its capability to weather through the opposition storm.
The way the economy is behaving at the moment projects some sort of indifference to the parboiling anti-administration environment. It conveys the portrait of something that is surviving despite bad weather.
As of yesterday, the peso was reported to have withstood the push to the imaginary limit of P56 to the $1, which would have indicated an unacceptable weakness in the eyes of our economic observers.
At the close of the day, the peso ended on firmer ground at P55.64. Early last week, it was happily ensconced in the P54 to $1 level, until it was hit by a double whammy.
The report that the International Monetary Fund (IMF) was “liberating” the Philippines from its corral of dependent nations that this country has been in for many years, surviving on the goodwill of the global guardian of nations in dire financial trouble, is definitely good news.
The IMF has reportedly observed that even with “the impact of surging oil prices on economic activity,” the Philippines’ “gross domestic product was expected to grow.”
In the eyes of the IMF, the nation’s “economy would be boosted mainly by remittances from overseas Filipino workers, renewed vigor in the tourism industry and the growth in business process outsourcing.”
The IMF also reportedly feels the Arroyo administration would be able to reduce its budget deficit to P150 billion because of increased revenues on tobacco and alcohol, and the lifting of the VAT exemptions for oil and petroleum.
On the whole, the IMF mission headed by Masahiko Takeda, “was particularly satisfied with the government’s efforts to put the fiscal deficit on a downward path” through control of its spending and tightening tax administration to raise revenues.
In fact, the IMF now is less worried about the Philippines’ prospect than it was a year ago. This means that despite the adversities it is meeting, it has the collective will to survive.
Yes indeed, talk of a silver lining in a harshly darkening sky.
(June 24, 2005 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
|
[return to top]
[home]
[network page]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
SUPERBALITA
WEEKEND
|
