Gloria a bitter pill to swallow

[jonski]

Gloria a bitter pill to swallow
By: Egay Serrano
PRIMA FACIE
egay_serrano2005*yahoo.com.ph

As the country’s most unpopular president since democracy was restored in 1986 based on the recent Social Weather Stations survey, the nation may as well accept the fact President Arroyo is THE bitter pill for all of us, especially the opposition, to swallow.

A week from now, the President will stand before the joint session of Congress in Quezon City to deliver her State-of-the-Nation Address on July 28. With 60 percent of the population dissatisfied with her overall performance, she will have to admit a lot of unpleasant realities that we nonetheless must accept.

She faces the nation in the middle of a two-digit inflation rate, gasoline and diesel prices hovering at P60 per liter, commercial rice at an all-time high of P40 per kilo, and the destruction and tragedies in the aftermath of two typhoons that culminated in the sinking of MV Princess of the Stars.

Although buffeted by a string of worldwide economic problems, the President has been credited with making economic reforms that brought the country’s credit ratings from Fitch still standing at “BB” for its long-term foreign currency debt, “BB+” for its long-term local currency debt, “B” for its short-term foreign currency debt, and the country ceiling at “BB+”. Franklin Poon, director of Fitch’s sovereign group, explained a “stable” outlook means the country’s credit ratings are not at risk of being downgraded in the short term, but neither are they likely to be upgraded.

Arroyo was able to trim government debts from 63 percent of GDP in 2005 to only 49 percent in 2007. This is due largely through the windfall proceeds coming from the very unpopular decision to implement without letup the E-VAT which is now funding her government’s spending in pump-priming the economy and giving out subsidies to the poor.

Admit it or not, the country may have been lucky to have a President who seems to have a lot of luck on her side too. According to Fitch, the large remittances from the more than 10 million overseas workers, expected to exceed $16 billion this year equivalent to nine percent of the economy, contribute to a steady reduction in the country’s external debt, allowing for a significant increase in official foreign exchange reserves. Remittances are forecast to increase gradually next year and 2010.

Arroyo is the longest-serving head of state since former President Ferdinand Marcos and has survived four attempted power grabs and three opposition impeachment attempts on allegations she cheated in the 2004 vote. A weakling president would have succumbed to these myriad of political, military, and economic pressures.

In the book Profiles in Courage, John F. Kennedy said, “Today the challenge of political courage looms larger than ever before… Our political life is becoming so expensive, so mechanized and so dominated by professional politicians and public relations men that the idealist who dreams of independent statesmanship is rudely awakened by the necessities of election and accomplishment...

“And thus, in the days ahead, only the very courageous will be able to take the hard and unpopular decisions necessary for our survival in the struggle with a powerful enemy — an enemy with leaders who need give little thought to the popularity of their course, who need pay little tribute to the public opinion they themselves manipulate, and who may force, without fear of retaliation at the polls, their citizens to sacrifice present laughter for future glory.”

Two years ahead into PGMA’s presidency there is nothing else we can do but to hinge our hope that the President’s and the Filipinos’ courage to meet our economic woes head on and to correct our past mistakes as a nation can carry us through the storm until 2010.

http://www.journal.com.ph/index.php?...c=14&aid=67369

[Eismann]

Sad notes but any other president would have done much or less the same.....or probably worse.

[niky]

Well... despite my criticisms of Gloria... the article is right... she does make the right decisions... the hard decisions... about the economy.

But it still won't make me like the fact that her cronies are making a mockery of our justice system, and are raking in big bucks in kickbacks... grrrr....

[CVT]

Arroyo was able to trim government debts from 63 percent of GDP in 2005 to only 49 percent in 2007. This is due largely through the windfall proceeds coming from the very unpopular decision to implement without letup the E-VAT which is now funding her government’s spending in pump-priming the economy and giving out subsidies to the poor.

If the government can put a stop to graft and corruption, then we would not need any of the evat or additional taxes. Wrong focus. Everyone knows about this and yet the government is looking in the other direction.

Again, the government's role is to provide gainful employment to the people. So make adjustments in the structure and process (again, minimize graft and corruption) to attract investors. Subsidies are just stop-gap alternatives,- they're not the solutions. Work on the solutions.

Admit it or not, the country may have been lucky to have a President who seems to have a lot of luck on her side too. According to Fitch, the large remittances from the more than 10 million overseas workers, expected to exceed $16 billion this year equivalent to nine percent of the economy, contribute to a steady reduction in the country’s external debt, allowing for a significant increase in official foreign exchange reserves. Remittances are forecast to increase gradually next year and 2010.

Agree here. Ironically, her government's failure to provide opportunities for gainful work here in our country and ensuing cloud of uncertainties agains everyone drove our countrymen to work and live outside of the Philippines. And the money that they're sending to their families here, are the main stuffs that keep our economy afloat.... Hey,- maybe that is their strategy because they win both ways (graft and corruption on one hand and $$$$ on the other hand!.... )

And yes, she's one lucky b!t<h! And most probably a viciously scheming one.

6505:Bath:

[CVT]

Arroyo was able to trim government debts from 63 percent of GDP in 2005 to only 49 percent in 2007. This is due largely through the windfall proceeds coming from the very unpopular decision to implement without letup the E-VAT which is now funding her government’s spending in pump-priming the economy and giving out subsidies to the poor.

If the government can put a stop to graft and corruption, then we would not need any of the evat or additional taxes. Wrong focus. Everyone knows about this and yet the government is looking in the other direction.

Again, the government's role is to provide gainful employment to the people. So make adjustments in the structure and process (again, minimize graft and corruption) to attract investors. Subsidies are just stop-gap alternatives,- they're not the solutions. Work on the solutions.

Admit it or not, the country may have been lucky to have a President who seems to have a lot of luck on her side too. According to Fitch, the large remittances from the more than 10 million overseas workers, expected to exceed $16 billion this year equivalent to nine percent of the economy, contribute to a steady reduction in the country’s external debt, allowing for a significant increase in official foreign exchange reserves. Remittances are forecast to increase gradually next year and 2010.

Agree here. Ironically, her government's failure to provide opportunities for gainful work here in our country and ensuing cloud of uncertainties against everyone drove our countrymen to work and live outside of the Philippines. And the money that they're sending to their families here, are the main stuffs that keep our economy afloat.... Hey,- maybe that is their strategy because they win both ways (graft and corruption on one hand and $$$$ reserves for the economy on the other hand!.... )...

And yes, she's one lucky b!t<h! And most probably a viciously scheming one.

6505:Bath:

[CVT]

I need to log this separately.

Consistent with my previous entry in another thread about the food you hate most, and in my case, it is 'ampalaya', it is my belief that in nature or in the wild, anything that is bitter is the last one that is going to be taken in as food, because it was meant to be 'poison'....

6505:Bath:

[Eismann]

Does she have cronies? All I know is she has a businessman husband and two legislator sons who makes buckets of money by the minute. Forward to 2010 when she steps down, the country will probably be the same as when she started her presidency but the economic fundamentals will have been firmed up and ready to roll to the next level. Looking back to pre-Gloria days, I wonder how Erap would have had fared under the same circumstances we are in right now.

Change in the way this country conducts the election should be a priority for her administration....that should be her "ironic" legacy given the controversies she made by apologizing for rigging the past presidential elections.
Now if only a two-party system and 1 independent will be given a go and automation of the polls is completed before 2010.....
And one more thing, all government institutions should adapt an absolute retirement age of 65 for officials except maybe the supreme court(70 maybe). I mean, how can a 70-something weak and fragile politician take on the rigors of going to office 5 days a week, 52 weeks a year? And they don't look good on TV interviews too.

[Gerbo]

That is why there is a difference between MANAGER and LEADER.

Granting, Gloria may be GOOD economic manager..well..we just give it to her...

She is still not a good leader...poor governance, lack of moral authority, etc.