Wish list for country and people for 2004

With a year just ended, and with the start of a fresh one, it is timely to begin our first article for 2004 with a wish-list for our country, government, people and family, drawing as we shall from the experiences learned, both good and bad, from 2003.

We wish that all the happiness and prosperity of our country and people be realized through a process of continuing effective interaction between the government and the private sector.

We wish that the Bangko Sentral ng Pilipinas and the monetary authorities will finally realize that the only plausible way to develop the country is to finance with local currency the total requirements for development so that all the necessary infrastructure and utilities (such as roads, highways, bridges, seaports, airports, schools, markets, hospitals, and power, water and telecommunications facilities) could be set-up all over the country, making all our land accessible to the people.

We wish that the financing of all our development needs will be done through long-term, low-interest borrowings by the government through the mechanism of government bond floatations of at least 30-year period with seven-year grace purchased directly by the central bank with new local money, with said long-term bonds securitized against future taxes.

We wish that, in this connection, Congress will forthwith pass the necessary amendments to the constrictive provisions of the Charter of the Central Bank (RA. 7653), specifically sections 89 and 117, that bars the Bangko Sentral from assisting the government in its development efforts by prohibiting it from creating new money by directly buying government bonds. These provisions effectively renders impotent the power of the BSP to assist and help the government to finance the construction of all the infrastructure and utilities urgently needed to develop the country now and has created a peculiarly abnormal situation where our own government, instead of running to the BSP for loans for public investment projects, has to seek funding through continued foreign borrowings. We wish, therefore, that Congress immediately pass the corresponding remedial measures.

We wish that the people will realize that the forthcoming political exercise is a critical phase in our country’s life as a democratic republic and that it is essential that we elect the right leaders to rule and govern the country.

We wish that the candidates in this year’s election will maintain a high standard of campaign, sticking to legitimate issues and presenting their programs of government as well as focusing on their qualities and capabilities as effective leaders. We wish that the candidates will not resort to negative campaigning, mudslinging, intimidation and massive spending to take advantage of the poverty of the mass of our people by buying their votes, and later on recuperating their campaign expenses through graft and corruption, when they win.

We wish that the winners of this year’s election will be the right people who have the necessary capability, honesty, integrity and dedication to lead the country out of our economic quagmire.

We wish that every young Filipino will earnestly and passionately pursue his studies and learn all the skills and good traits that he needs to be able to be a productive member of society in his time.

We wish that every Filipino family will stay together, work together, pray together and strengthen themselves and, as an economic unit, help build a country that we can all be proud of.

We wish that every Filipino will realize that the sacred task of nation-building depends on the effort and contribution of each and everyone of us as the total success of the Philippines as a country is the sum of the individual successes of each and every Filipino.

We wish that there will be jobs for the jobless, homes for the homeless, land for the landless, food security for every one and the best environment that we can protect and enhance for our present enjoyment and benefit as well as that for the future generations yet to come.

We wish that every Filipino will take and commit upon himself the virtue of true love for God, country and family.

We pray to the Almighty God to watch over our country and people and to continue to shower us with His love and blessings.

You may write your comments / suggestions at 15/F Equitable Bank Tower, Paseo de Roxas, Makati City or through e-mail at "mail to:[email protected]"

(Editor’s note: Atty. Roxas is writing a limited series of articles dealing with financial matters and other important business topics. He is available for speaking engagements on the subject matters of his articles.)