Enrile: 'Our biggest export is OFWs. That's why I'm against RH bill'

[Monseratto]

Consumer economy, those left behind enjoy the fruits of the OFW's labor...by spending it.

PNoy is benefitting from it by nonoying and credit grabbing, Even his so-called PPP projects haven't taken off yet.

7.1% growth is not due to Aquinomics, it's a continuation of GMA's use of Keynesian Economics | Get Real Post

It is such a shame that President BS Aquino and his minions continue to credit only his administration for the latest glowing economic growth statistics or for whatever projects that were finalized or something that he is just continuing but obviously were initiated by the previous administration. His public relations team is hell-bent on painting him as the architect of the country’s perceived good performance compared to its ASEAN neighbors. They even brand it as “Aquinomics”. They think the people are gullible enough not to know that the economic policy he is using is actually based on classic Keyenesian Economics of spending, which GMA used during her term.

And let’s not forget the Overseas Foreign Workers who are the backbone of the country. Without their remittances, which is said to make up “the equivalent of about 10 percent of GDP, surged to a record $1.8 billion in September”, our economy would collapse. Even Senate President Juan Ponce Enrile reportedly credits the OFWs contribution to boosting the economic numbers:

"Our biggest export is OFWs. That is export. That’s why I’m against RH. What will improve our economy is the excess population that is used to accepting jobs that others don’t want to handle."

The question now is, how is President BS Aquino going to invite these OFWs back home when the economic growth they are boasting about is mostly fuelled by household spending and by government spending using public funds? Evidently, the economic growth he is trumpeting is not inclusive; meaning, it hardly makes a difference to the poorest members of society. Likewise, it is not sustainable under the circumstances because the population keeps growing. Like what I’ve said before, if the country’s population keeps growing, any economic growth achieved will not mean much for the additional mouths to feed.

Judging by the way Malacañang spokesperson Edwin Lacierda congratulates President BS Aquino’s administration for a job well done, the rest of the country can rest assured that this government will continue to think that they do not have to do much to find a more sustainable solution to the economic and social issues facing the nation. ‘Tis the season to be jolly for them, indeed.

[uls]

i remember a thread

http://tsikot.com/forums/politics-ec...ucky%92-67113/

me post... almost 3 years ago

from the article posted above:

Boasting of her accomplishments after nine years in office, Arroyo said the peso was stronger, tax reforms were in place, and social services available to most Filipinos.

"Ito lang yata ang administrasyon na lumakas ang piso kaysa humina [This seems to be the only administration where the peso got stronger instead of weaker]," she said.

GMA, you are not responsible for the strong peso

the peso is strong coz 10% of the population is working abroad, sending foreign currency to the Phils., pumping up the country's foreign currency reserves

and thank the US Fed's monetary policy for the weak dollar

don't thank yourself

we're not stupid

kaya mo bolahin ang mga ignorant masses

di kami

“Ang papel ko ay ihanda ang pundasyon. . . . Andyan na yan, ang pundasyon ng matatag na ekonomiya at inaasahan natin na itutuloy niya iyon para maramdaman ng mga Pilipino [My role is to lay down the foundation…It’s there, the foundation of a strong economy and we expect that this will be felt by the Filipinos],” Arroyo said.

pundasyon my ass

your pundasyon is an economy that's entirely dependent on labor export

you have an economy that's mostly end-user consumption, very little production

a lot of businesses here are trading businesses, not goods-producing businesses

we import everything

and we use dollars earned by OFWs to pay for imports

that's our economy

you think the Phils. is getting richer coz OFWs keep sending dollars?

NO

our OFW dollar earnings go to exporting countries

we are tranferring our wealth to other countries

we make other countries richer (like China, Japan, Korea etc) coz we buy their goods

they invest in more production, which employs more of their people, their people have more money, their people's standard of living rises

that makes them richer

get it?

the OFW trend will go on for years (and decades) to come

coz our country is already addicted to OFW earnings

soon 15%, 20% of the population will be working abroad

the Philippines has become a manpower agency

that's your economy GMA

again, we are not stupid

BTW,

coz the Phils. has a steady stream of forex earnings,

our govt uses that as "collateral" to borrow money

(hey, may pera kami pumapasok, pwede niyo kami pautangin, may pambayad kami)

coz our forex earnings keep growing, it allows more borrowing

foreign banks love lending us money coz they make tons of money underwriting our bonds

and bond investors love our bonds coz of the high yield

as long as OFWs keep sending money to the Phils.

the Phils. can keep borrowing money

it's clear the govt, and the country, will fail without OFW remittances

that's your economy, GMA

and the next president will have no choice but to pick up where you left off

he will just keep encouraging pinoys to go abroad

[uls]

nothing has changed

i could have posted that today and it wouldnt sound outdated

hehe

[CoDer]

^ That's precisely the point of Enrile. Bat ka pa mag pakapagod kung pano ayusing ang over population at economy? Abay leave everything as is and simply ship them out abroad... NO TO RH!!!

Matandang trapo talaga oo.

[safeorigin]

Consumer economy, those left behind enjoy the fruits of the OFW's labor...by spending it.

PNoy is benefitting from it by nonoying and credit grabbing, Even his so-called PPP projects haven't taken off yet.

7.1% growth is not due to Aquinomics, it's a continuation of GMA's use of Keynesian Economics | Get Real Post

I'm confused with the author's position. He claims that Aquino isn't spending enough and at the same time makes Keynesian spending sound bad(well, it actually is in some areas).

What I'd rather see is more of a free market rather than depending on the government. It's the bitter pill but ultimately cures the market.

[CoDer]

I'm confused with the author's position. He claims that Aquino isn't spending enough and at the same time makes Keynesian spending sound bad(well, it actually is in some areas).

What I'd rather see is more of a free market rather than depending on the government. It's the bitter pill but ultimately cures the market.

Well I stopped reading it at "President BS Aquino"

[Retz]

aasenso ba ang pinas dyan sa RH Bill?

[CoDer]

aasenso ba ang pinas dyan sa RH Bill?

For sure RH Bill is not about the economy.

[safeorigin]

Given how unlikely that a free market will emerge, what other choice do we have?

In the pharmacy business it just keeps on getting bleaker with a crap load of regulation particularly Senior Citizen discounts, increased wages of pharmacists(who just rent their licenses and never appear except during inspection) and stupid price control. How'd you expect to make profits when the mark-up prices are already too low? But the RH bill does sound like a good deal if it's only limited to informing people. If they give it for free then it's bad for retailers.

[chua_riwap]

Well I stopped reading it at "President BS Aquino"

Ha hah! Pres BS........:hysterical: