For many Filipinos, the three news-busters of 2012 would be (not necessarily in the order of importance): (1) the stunning loss of Manny Pacquiao to Juan Miguel Marquez on their fourth ring matchup spanning a period of eight years;
(2) Orion, Bataan’s muse and Philippine bet, Janine Tugonon, missing the vote to settle for second place in the Miss Universe beauty pageant held in the home country of the eventual winner, Miss USA Olivia Culpo (no malice intended here); and (3) Psy. Yes, this Korean singing sensation with his record-busting Gangnam Style music video could very well be voted as this Christmas season’s biggest party hit. In fact, it has been declared as the most viewed YouTube posting, now reaching over one billion hits.
Soon, the year 2012 will be history, and in its wake would be left behind a slew of other important developments, mostly on the economic front, that have been eclipsed by the three aforementioned events.
Steady economic progress
Good progress has continued to be made by the Philippine economy for more than a decade now. Gross domestic product figures for the yearend are expected to significantly exceed the targeted levels of between five to six percent.
What this strongly implies is that the country could very well be on the road to sustainable growth, something that has eluded this rapidly growing nation in the ’80s and the ’90s when economic upheavals in parts of the globe or the region had struck.
Thankfully, even with the worst financial crisis of the last decade that has happened in mankind’s history since the Great Depression of the ’30s, the Philippine economy managed to keep afloat with positive figures, a feat that we share with very few countries, one of which is China.
So the upgrade in credit outlook last week by Standard and Poor’s was indeed to be expected. And coupled with some other good news during the month, we can look forward to getting upgrades in our global bankability as a nation in the next few months.
Healthier nation
Aside from other marked positive indicators in the economy last year, i.e., continued low inflation, increasing tax collections, more earnings by our overseas Filipinos in jobs abroad, an overall-strong peso, and strengthening export earnings, there has been good news on the legislative front as well.
In an admirable display of strong political will, P-Noy’s administration passed two landmark laws. This is his avowed Christmas gift to each and every Filipino: foundations to a healthier family, a stronger nation in the coming decades.
We’re talking here about the passage of the sin tax reform law that has not only reformed a faulty taxation structure on tobacco products for more than 16 years, but also promised better health to Filipinos victimized by low-priced liquor and cigarette products.
This may initially seem bad news to those who seek solace from loneliness, boredom, or stress by drinking spirits or smoking tobacco, but this would ultimately save them from the tragedy of having to deal with health problems associated from excessive drinking or continued smoking.
The passage of the new sin tax law, by the way, was a key to getting our latest credit upgrade, and one which would pave the way for the Philippines getting its investment grade rating. Not only does this mean being able to access lower interest rates on loans, it will also open doors to more investors.
Stronger families
The other law that passed was the controversial reproductive health (RH) bill, an emotional issue that has driven wedges at the heart of families, communities, the state, and even between long-time allies and friends. Senators Juan Ponce-Enrile and Miriam Santiago are examples that easily come to mind.
This is a piece of legislature that has been stuck in the halls of Congress for 14 years spanning three presidents. The powerful Roman Catholic Church had put up a strong campaign against its passage, but in the end, the state upheld its mandate and duty to protect the whole nation, not just one sector however influential it may be.
The RH law may not be as strong as other population control measures adopted by more progressive Asian economies, for example China’s one-child-one-family law, but it could very well be the remedy for our haywire population growth problem.
We may not be able to immediately see a shrinking of our reproductive rates, one that has been noted as among the highest in the world, but this would certainly find grace in future generations of Filipino families.
Coupled with sustained economic growth, the new law would help couples become more aware of the benefit of family planning and its role in bringing up better children who are able to complete their education or acquire better skills to take more productive roles in nation-building.
Other challenges
Of course, there are many other challenges yet that need to be addressed by our lawmakers and the executives of the national, as well as local governments. While corruption indices have been sliding down, it is still far from ideal – or sustainable. This is a war that must be waged relentlessly, and without fear or hesitation.
Our tourism industry, which is considered as a major pillar for the nation’s economic growth in the next years, is still a fledgling compared to other competing Asian countries like Thailand, Korea, Indonesia and India. Money is still a problem, one that could be alleviated by the forthcoming investment rate upgrade.
The education system is showing signs of recovery, and we are thankful to individuals and companies outside the ambit of government who have helped build more classrooms, upgrade teaching skills, and contributed to bringing back less privileged children back to school.
There is still so much to do, but the optimism that Filipinos now exude is akin to seeing dark skies breaking up to the warmth of the sun and the brightness of a good day ahead. This is a good way to end the year and to start a new one.
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