That there is very little anyone can do in a mere 100 days is fact. This is probably as true in the smallest government unit, the barangay, as in the national level. Even in a family, this amount of time is often not enough to mend a rough patch.
It is thus unfair to judge anyone on the basis of a three-month performance, especially one like President Benigno Aquino, who inherited coffers that are almost empty, a government steeped in corruption, and a bureaucratic system battered by inefficiency.
Add to all of P-Noy’s woes would be the fatal hijacking of Aug. 23 that exposed all the weaknesses of the country’s police hierarchy, as well as its governance and diplomacy skills, making his administration defenseless and defensive in the face of global criticism and outrage.
The aftermath
Yet three weeks after that unfortunate event, the nation sold its first global peso bonds, raising the equivalent of $1 billion on Sept. 10, drawing bids 13 times the debt on offer, and making it the first Asian country to issue bonds denominated in the local currency to the global market.
That same month, the Philippines completed the exchange and sale of $3.2 billion of dollar notes, allowing the government to extend debt maturity by almost a year and realize some savings.
The Philippine market, helped by surplus liquidity in global finances and a steady stream of remittances from Filipinos overseas, has been oozing with cash and even managed to prop itself up amid the turbulent period of Hello Garci and numerous controversies including NBN-ZTE.
It is comforting then that investor confidence, especially from overseas, had not been eroded by the handling of the hijacking. The Philippine Stock Exchange Index had climbed to a record, peso bond yields dropped to an all-time low, and peso trading at its highest since May 2008.
Markets have been very bullish in the past three months, and investors say the overall positive sentiment of Aquino at the helm is helping. But completely relying on financial markets to gauge performance is no longer advisable.
Trust rating
Aquino, who’s won by a convincing majority unlike his predecessor, has a clear mandate to govern, and a better chance to make solid and lasting changes. Let us not be discouraged by a seemingly average 100-day performance because he’s not even into five percent of his term yet.
It’s also encouraging to note that even after the Aug. 23 hijacking, allegations of jueteng involvement among Aquino’s inner circle and various rumors of infighting in the cabinet, the public, according to a Social Weather Station survey, still gave him a 71 percent trust rating. This is still hefty despite a drop from the overwhelming 88 percent rating before he started his term.
The President, for all the latitude that the people are still willing to give him, must not waste any more time and squander the trust that isn’t given unconditionally. Results must be seen and solid achievements marked at the soonest possible time.
Inspiring words not enough
P-Noy won on the platform of anti-corruption and that’s where he should be making the strongest mark. He started by zeroing in on excesses in government salaries and spending, and the early results are evident in public finances.
The government posted an unexpected budget surplus in August after the cabinet reined in on unnecessary bonuses, extra staffing, travel and training.
The President should forge ahead and maintain his resolve to reduce the level of corruption festering and eating away this entire nation. Inspiring words and a big heart won’t solve the problem overnight. Reforms must be dramatic, yet the approach must be integrated.
Tax fight
The revenue agencies of the finance department have started filing tax evasion and smuggling complaints to the Department of Justice since July 15. The twin component of that, which should be action on the cases, whether they would be filed or scrapped by the justice office, must materialize.
The justice department had previously mentioned a turnaround of 45 to 60 days. It is way past that for the first complaint against alleged tax deficiencies of a pawnshop broker who owns an orange Lamborghini. Or, as rumors say, was it a boo-boo and will not prosper?
Complaints are piling up in Secretary Leila de Lima’s office, and progress must be made on them soon. We understand that a lot of her time had been taken up by the bus hijacking probe and other concerns but she must also consider this a priority.
If there’s one thing that foreign investors are most watchful of, it would be if the Aquino administration can actually make any difference into plugging the supposed P250 billion lost annually to tax cheats and smugglers.
At the heart of this tax fight is the issue of a chronic budget deficit, which is projected to swell to a record P325 billion this year. For that shortfall to narrow to a more manageable level, the government must start increasing its revenue streams. The target is to bring tax revenue to 16 percent of gross domestic product by 2013 from the current 13 percent.
The increase in number of tax case filings, reportedly on weekly basis, is meant to invoke fear factor among tax offenders and state officials who are scamming the government of its rightful revenue. So far, a sensing of the public pulse doesn’t show that the government has struck that chord of dread.
This only shows that while the government is on the right path, a lot more has to be done.
Collegiate basketball update
The regional phase of the Champions League (PCCL) 2010 Philippine Collegiate Championship games continues with the Visayas Islands (except Cebu) regional games presently being held in Iloilo City. Participating are West Negros University (NOPSSEA champion), AMA Computer Titans (representing province of Leyte), Phil. Maritime Institute Navigators (Bohol champion), Asian College of Science and Technology Lightings (Dumaguete champion), and host school, University of Iloilo Wildcats (Iloilo champion).
The North-Central Luzon regionals will follow, to be held in Vigan City involving University of Northern Philippines Sharks (Vigan champion), University of Luzon Tigers (Pangasinan champion), University of Baguio (BEAL champion), and the eventual champion of the ongoing collegiate competition at Pampanga.
The Mindanao regional championship will be held at Cagayan de Oro City with champion teams from Cagayan de Oro, Davao City, Gen San City and Zamboanga competing.
The South Luzon-Bicol regionals, on the other hand, was won by Sorsogon champion Computer Communications Institute (CCDI) Wildcats by a sweep, thus earning a trip to Manila for the Luzon-Metro Manila zonal qualifying games.
On its eighth edition, the Champions League (PCCL) Philippine Collegiate Championship games are sponsored by PLDT, SMART, Molten Balls and ABS-CBN, the official covering television network.
Visit www.CollegiateChampionsLeague.net for more details about the 2010 Philippine Collegiate Championship games.
Should you wish to share any insights, write me at Link Edge, 25th Floor, 139 Corporate Center, Valero Street, Salcedo Village, 1227 Makati City. Or e-mail me at reydgamboa@yahoo.com. For a compilation of previous articles, visit www.BizlinksPhilippines.net.