It is gratifying to learn that the Aquino administration has finally decided to make the economy its priority, after practically ignoring it for a year and a half. The attention that President Benigno Aquino III promises to now turn on the economy is long overdue.
As proof of this "new focus," the President's spokesman, Edwin Lacierda, says P141.8 billion worth of infrastructure projects will be carried out this month to push the economy forward -- making a virtue out of a necessity. After all these represent projects that the administration, in an 18-month-long state of paralysis -- was unable or unwilling to pursue perhaps because it chose to focus all its energy and political capital on having former President Gloria Arroyo jailed and Chief Justice Renato Corona impeached.
That the economy has suffered from Mr. Aquino's neglect is indisputable, as even official data show that the President has
presided over three consecutive quarters in which growth in the country's gross domestic product slowed down.
In the meantime, the country continues to be a laggard in attracting foreign direct investments in the region, with only $21.32 billion in 2010 -- compared with $461.42 billion in Singapore, $154.16 billion in Indonesia, $139.18 billion in Thailand, and $101.63 billion in Malaysia. Among the reasons investors stay away are the high electricity rates, poor infrastructure, and inconsistent policies -- three areas in which the Aquino administration has done absolutely nothing to improve our standing. In fact, it might be plausibly argued that its decision to cancel several government contracts signed by the previous administration with foreign investors can only aggravate the uncertainty over the consistency of our policies. The European
Chamber of Commerce has said as much, to little effect, it seems.
Evoking images of a President who cannot walk and chew gum at the same time, Mr. Lacierda says now that the impeachment complaint is with the Senate, Mr. Aquino can no longer be distracted from improving the economy. We suppose we should count our blessings and be thankful that any belated action is better than no action at all.
On the other hand, given the poor track record of this administration's legal team, we can only wonder how long the President can stay focused on the economy. We also wonder at how much good that focus will do, given the quality of his executive decisions to date.
Source: Manila Standard Today; Opinion; 04 January 2012
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