Believe it or not, the Estrada government could be better off than the past three administrations in terms of cronyism and corruption -- two of the greatest concerns the business community has consistently raised against the present government.
Rep. Joey Salceda (LAMP, Albay) said despite widespread charges of rising cronyism and corruption in government which have dragged the stockmarket into a mess and consequently, worsened the country's image to the international community, it was possible that cases of these nature had been more prevalent during the past three decades.
Business groups such as the Makati Business Club have raised their concerns over such "danger signals" as the re-emergence of cronies and the worsening graft and corruption in the government seen as major hindrances to robust economic growth.
The Albay solon clarified that with the slew of large-scale privatization of state-owned assets and the economy not as liberalized as today, there were greater chances of corruption and favored deals. "Or possibly, hindi mas garapal noon, hindi nahuhuli." (It was not too brazen then because they never got caught).
Salceda said the spread of corruption and cronyism first became prevalent in 1978 when President Marcos started awarding contracts to a few people, fueling the "concentration of rent-seeking forces of government."
Eventually, the practice was carried over to the succeeding administrations, but this was somewhat tolerated by the people.
"No amount of legalese can overcome the public's perception of cronyism and corruption," Salceda said. "My preliminary conclusion is that I think the people will be willing to condone it to a certain degree if there are competent technorats who can move the economy forward."
He said despite the laggard movement in the stock market, the country's macro-economic fundamentals remained strong enough to withstand external shocks like rising crude oil prices and the restructuring of the country's economic team only serves the administration's growth prospects better.
He described the ascendancy of the "Three Musketeers" -- Finance Secretary Jose Pardo, Trade and Industry Secretary Manuel Roxas II and Bangko Sentral Governor Rafael Buenaventura -- to their posts have strengthened the core of the country's economic team, already laden with the "Swiss Guards of Liberalization" (NEDA's Felipe Medalla and Budget's Benjamin Diokno) and "Presidential Gurkhas" Chief of Staff Aprodicio Laquian, Flagship Projects Adviser Robert Aventejado and Executive Secretary Ronaldo Zamora.