VULNERABLE TO RECESSION
MANILA,
FEBRUARY 2, 2012 (MANILA STANDARD)
THE Aquino administration said Tuesday it was satisfied with last
year's economic growth because it was all-inclusive despite being below its
target.
The Palace is not disturbed by the comparison of last year's 3.7-percent
expansion with the 7.9-percent growth achieved by the past administration in
2010 because "a slow but inclusive growth is better," according to presidential
spokeswoman Abigail Valte.
She said the administration will "exert best efforts" to meet this year's
fighting target of 5 to 6 percent.
The gross domestic product grew by only 3.7 percent in 2011, which was below
the 4.5 to 5.5 percent full-year target set by President Benigno Aquino III's
economic managers.
The National Economic and Development Authority said the contraction in
exports cost the domestic economy some 2.2 percentage points, while government
underspending trimmed 0.8 percentage points from last year's growth.
Earlier, Budget Secretary Florencio Abad said there was no need for a fresh
stimulus package this year as the government had started spending on
infrastructure to pump-prime the economy.
The administration says it has started implementing P141.8 billion worth of
infrastructure projects this month to build national roads and bridges,
airports, seaports and lighthouses, classrooms and other education facilities,
potable water supply systems, irrigation and post-harvest facilities, and flood-
control and slope-protection structures.
Abad said that of the 2,187 line-item infrastructure projects financed by the
2012 budget, some 2,025 projects or 93 percent had been bid out and would be
given notice to proceed within the first quarter this year.
Mr. Aquino approved a P72-billion stimulus package last year to boost
fourth-quarter growth. Joyce Pangco Pañares
FROM THE TRIBUNE BUSINESS NEWS
Noynoy blamed for making RP vulnerable to recession
02/01/2012
[PHOTO - Ma. Milagros 'Mitos' H. Magsaysay Representative, 1st
District, Zambales province Republic of the Philippines Committee Memberships in
the 15th Congress House of Representatives RULES Assistant Minority Leader
(Journal #13) ACCOUNTS Member for the Minority (Journal #4) APPROPRIATIONS
Member]
The administration of President Aquino was chided yesterday by a lawmaker for
the dismal performance of the country's economy in 2011.
Posting a mere 3.7 percent growth in gross domestic product (GDP) compared to
7.6 percent the year before, the economy, according to Zambales Rep. Ma.
Milagros "Mitos" Magsaysay, was mishandled because of the administration's
misplaced priorities and excessive politicking.
Magsaysay expressed alarm over the government's own statistics showing the
country's GDP dropped to more than half in a span of just one year.
"It is very alarming, considering that the growth rate did not just fall but
dropped to half of what the country has posted in 2011. It would be tall order
for the government's economic team to catch up and regain the losses but with
all this political turmoil besetting the Philippines, we are digging our own
graves because no one wants to invest in a nation with this kind of political
tension," said Magsaysay.
"What is even more scary is that there is an economic recession looming and
we are ill-equipped to deal with its impact," the solon added.
Magsaysay noted that the country was able to weather the 2007 world economic
crisis as the government then was prepared to cushion its impacts on the people
"but now, these gains have been completely wiped off and we are left at a
vulnerable state."
"The President was very confident before when he assumed office. He was
spouting a lot of promises when it comes to uplifting the country's economy but
here we are almost two years later and what have they achieved? Where are the
private-public partnerships? Where are the investments that he promised to bring
in?" said Magsaysay, adding that Aquino failed even in the field of human
rights, an issue he vowed to champion.
"Even cases against human rights such as the Maguindanao massacre have
remained unresolved," Magsaysay averred.
"So far, the only gains that this government has achieved pertains to
prosecuting the former administration, charging the former president and
humiliating the Chief Justice. Whether this is helping the country move forward
I am unsure," she added.
Magsaysay said that while the government is at liberty to go after those whom
it believes to have committed wrongdoings against the state, there should be a
balanced approach in handling the affairs of the country.
"The President should look at the bigger picture and not simply obssess over
one aspect. As a result of his nearsightedness, prices of gasoline and
electricity, which is a major concern for both businesses and regular consumers
have increased unchecked, and the country's workforce it at a loss about how to
deal with inflation because there is an imbalance in the state of their wages
and the rate of increase in the prices of goods," Magsaysay said.
"Instead of making strong pronouncements and criticizing the former
administration's handling of the state, how about reflecting on what kind of job
he is doing and actually working to address the nation's woes?"
Meanwhile, Gabriela Rep. Luz Ilagan lashed anew at the administration's
highly-vaunted Conditional Cash Transfer (CCT) program saying the recent SWS
survey indicating increased hunger proves it is a failure.
"It is high time for the Aquino administration to rethink its Conditional
Cash Transfer program and instead, implement a more sustainable poverty
alleviation program that will address the growing hunger and poverty among
Filipinos," said Ilagan.
The Gabriela solon likewise said poverty and hunger surveys should help guide
Malacañang and the Department of Social Welfare and Development (DSWD) in the
creation of its proposed budget for 2013.
The budget call for 2013 has officially commenced and various departments are
expected to submit their proposal for the 2013 budget in the first quarter of
this year.
Ilagan further said that it has been four years since the CCT was first
implemented under the Arroyo administration, yet this has not resulted to any
significant improvement in the lives of poor Filipino families.
"The undeniable fact remains that more Filipinos are poor. The Aquino
government should cut if not totally forego spending for the CCT. Let us stop
wasting billions in taxpayers' money for a failed anti-poverty program. Instead,
this should be realigned to the delivery of direct social services such as
health, housing and education."
Ilagan notes that in 2009, the National Statistical Coordination Board (NSCB)
said that 26.5 million Filipinos survive on less than P41 per day. This data
further increased to 27.6 million in 2010. Late last year, methodologies in the
computation of the poverty rate were conveniently adjusted thus the poverty rate
was pegged at 26.5 percent which translates to 23.1 million poor Filipinos. Has
this not been manipulated, the old methodology would reveal 28.5 million poor
Filipinos in 2011.
The recent SWS survey conducted in December of 2011 revealed that 22.5
percent of the respondents claimed to have experienced having nothing to eat, up
slightly from September's 21.5 percent. Charlie V. Manalo
Chief News Editor: Sol Jose Vanzi
© Copyright, 2012 by PHILIPPINE HEADLINE NEWS ONLINE
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rights reserved
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